Pensions minister promoted to Treasury role
Former pensions minister Laura Trott has been appointed chief secretary to the Treasury in the government’s reshuffle today.
Despite her short tenure of just over a year, Trott was well-respected in the pensions industry and was known for getting things done.
Kate Smith, head of pensions at Aegon UK, said: “She packed a lot into a relatively short time in her ambition to deliver ‘fairer, more predictable and better run pensions’. This included the Value for Money Framework, small pots work and collective defined contribution pension schemes, and the drive towards scheme consolidation, with fewer larger pension schemes.”
Smith added: “One area where Trott has made a difference, and delivered, has been to define and publish the first official statistics showing the gender pensions gap, shining a light on the difference between male and female private pensions wealth.
“This will allow the government, and employers, to monitor the impact of policies and the wider economic pressures on the gender pensions gap, hopefully helping to develop solutions to narrow the gap.”
Nigel Peaple was similarly complimentary. The PLSA’s director of policy and advocacy said: “Laura Trott made a very substantial impact as pensions minister despite only being in the role for a little over a year.
David Brooks, consultancy Broadstone's head of policy, also applauded Trott's work as pensions minister, but questioned what the change will mean for pensions policy. "Laura’s promotion is a great personal step up in her own political career but leaves pensions policy in limbo again. However, in the absence of a pensions bill in the King’s Speech we’ll have to see what jobs Jeremy Hunt passes to her successor.
"Whoever it is, they may only have the job for a year or so and as a result, they will likely find it hard to get their teeth into it. Hopefully, it will fall into the hands of someone ambitious and looking to make their mark - rather than marking time.
The biggest question for long-term policy thinking is fast becoming: “and what do Labour think about that?”
