Reynolds has also been appointed as a parliamentary secretary in the Treasury

Labour has appointed Emma Reynolds as Pensions Minister, a move welcomed by the industry not least as it has been made as a joint HM Treasury and Department of Work and Pensions appointment. 

While pointing out that Ms Reynolds, the MP for Wycombe, “has little pensions experience to speak of”,  Jon Greer, head of retirement policy at Quilter, said, “she has previously served in parliament for nearly a decade prior to her re-election last week. Furthermore, her most recent experience being at TheCityUK financial services trade association should give her a good starting point from a knowledge perspective and provide potential to grow into the role.

“With experienced hands such as two-time Minister for Pensions Sir Stephen Timms also being appointed at the Department for Work and Pensions, we hope this will give stability to an industry that is so vital to the health and economy of this nation.

Greer added: “This appointment does give the view that Labour will treat pensions with the thought and consideration that is required, not least because the role is a joint appointment with the Treasury and DWP. Given the importance and complexity of pensions, it is positive to see the role being recognised for having implications across departments. After a number of years of pensions being used as a political football, we hope Labour’s huge majority will give it enough cover to sensibly plan reform and improve upon the current regime where possible.

“Outside of Sir Steve Webb and Guy Opperman, the pensions industry has had to put up with an ever-revolving door of ministers. Even someone experienced like Sir Stephen Timms himself never made it to a year in charge in his previous two stints. Hopefully Emma Reynolds can come in and provide some stability over the course of this parliament, especially when it is people’s retirement and ability to maintain living standards in old age that is at stake.”

Kate Smith, head of pensions, Aegon also welcomed Ms Reynolds in the first ever joint HMT and DWP Pensions Minister role.

“This is entirely fitting and a recognition that pensions span the responsibilities of both departments, and with pensions seen increasingly as a ‘super power’ to drive more investment in the UK.

“Reynolds will have a full in tray, not only to look at the many policy initiatives inherited from the previous government and decide which to continue, change or cancel, but more importantly to start work on Labour’s pension review.

“We look forward to working with her on all these initiatives.”

David Brooks, head of Policy at leading independent consultancy Broadstone, also commented on the “new joined up approach between the DWP and HMT”.

He added: “Given the focus Labour have put on growth and productive finance, this is unsurprising and we can expect to see further rhetoric following this direction of travel. We still await to see who will be in charge of the wide-ranging pensions review and what will fall under its scope as the next major milestone for the pensions sector under the new administration.”

Source: Professional Paralegal