The Pensions Minister’s debut and Lords to watch
Baroness Ros Altmann gave her maiden speech as other Lords raise pension concerns.
Given the appointment of Ros Altmann as the Government’s Pensions Minister, the House of Lords was always going to play a more prominent role in the pension policy debates in Westminster. Baroness Altmann CBE made her maiden speech on the same day as a sombre House of Lords debate on reform to the state and private pensions. This short debate highlighted the calibre and expertise of the Peers in the Lords when it comes to pension policy. Baroness Altmann is shadowed by Lord Bradley, but other leading figures include Lord Flight, Lord Hutton, Baroness Drake, Lord Hughes of Woodside, Lord Kirkwood, and Lord Davies of Stamford to name but a few.
The House of Commons should not be forgotten, and on the same day as this debate was the announcement that Frank Field MP was elected chair of the Work and Pensions Select Committee. The independently minded Field has been a long-time campaigner on low income issues, but he has also raised concerns on savers being ripped off due to a lack of advice being provided following the pension freedoms.
Whilst the sector will be hoping for a period of stability following the pension freedoms which have already happened, many Parliamentarians will be looking at issues they feel need review and possible reforms.