Guy Opperman has been reappointed as Pensions Minister following his resignation last week, as one of over 50 ministers to resign in the lead up to the resignation of Boris Johnson as Prime Minister.
Opperman agreed to return to the ministerial role at least until the new leader of the Conservative party and Prime Minister is appointed.
Industry commentators were concerned that the resignation of the UK’s longest serving pensions Minister would lead to inconsistency and short term appointments again, when a stable hand is needed for this area of financial services, dealing as it does with UK citizens’ long-term saving and retirement wellbeing.
Commenting, Kate Smith, head of Pensions at Aegon said: “This is good news for pensions with the Minister given more time to finish at least some of what he started, giving much needed continuity rather than disruption.
“Opperman’s resignation had rung alarms bells with the pension industry as it could have put the pension dashboard progress in peril. Now it looks like it’s back on track and we’re expecting the government’s response to its consultation on the draft regulations, including confirmation of the implementation timeline imminently.
She added that as the longest serving pensions minister Opperman “has built up a wealth of experience.
“He is introducing a number of far-reaching policy initiatives, some of which are in mid-flight, including the pension engagement season. Pensions policy is a hive of activity and it’s important that it remains on track, with a priority to try to improve member understanding and engagement with their pensions.
“Time will tell if a new Prime Minister ultimately leads to a new Pensions Minister with different ideas and priorities.”
