Campaigner Ros Altmann has been appointed pensions minister. David Cameron announced before the election that the former adviser to Tony Blair would become a minister with responsibility for financial consumer protection and financial education but has given her a more senior appointment following the failure of former pensions minister Steve Webb to hang on to his parliamentary seat.
Dr Altmann, who previously worked as a director of Saga and was a 'business champion' for older people for the coalition government, will be made a Tory peer in order to take up the position.
When news of her ministerial appointment was released, she said: “I have worked hard for many years to help ordinary pension savers and expose injustice. I've been calling for financial fairness and trying to make pensions and savings work better for ordinary people.”
Her appointment was welcomed by the pensions industry. Nick Ayton, managing director at GenLife said: “Ros Altmann brings considerable industry experience which, given the challenges ahead in getting more people to take a serious interest in preparing for retirement, will be essential in the coming weeks and months.
“But Ros will have her work cut out to ensure the pensions revolution that Steve Webb begun does not hit the buffers and that consumers are protected from high charges from legacy providers”.