Mike Ambery, Retirement Savings Director at Standard Life, part of Phoenix Group said: “Pensions, retirement and savings is a complex brief so it’s great to have a Minister in post who has been following the issues so closely through the Work and Pensions Committee. Having the context around challenges like the lack of savings adequacy, the need to implement auto-enrolment reforms, the pension dashboard and small pots to name just a few of the issues, will be incredibly important to ensuring the government is able to move matters forward at pace.”
Kate Smith, Head of Pensions at Aegon, says: “We welcome Sir Stephen Timms back into a Ministerial role in the Department for Work and Pensions. If confirmed as the new Pensions Minister, it will be his third time in this role.
“Timms is well-known and highly respected in the pensions world, and with his wealth of pensions knowledge, he’ll be able to get to work quickly. As recent chair of the influential Work and Pensions Committee, Timms is used to asking the challenging questions and we expect this to continue as the DWP and Treasury, hopefully with input from the pensions industry, identify and take forward the new Government’s pension priorities.
“Top of the agenda will be the all-important pensions review referred to in Labour’s manifesto. It will be particularly welcome if this is led by an Independent Pensions Commission, making recommendations to Government. The new Labour Government also need to get to grips with how and where their pension priorities fit into the long list of ‘work in progress’ initiatives inherited from the outgoing Conservative Government. Aegon stands ready to work with Sir Stephen and the new Government.”
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