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07

Ros Altmann leaves as pensions minister amid cabinet reshuffle

Open-access content Monday 18th July 2016 — updated 11.51am, Thursday 30th April 2020

Consumer champion Ros Altmann has left her post as UK's pensions minister on Friday during new prime minister Theresa May's cabinet reshuffle.

Dr Ros Altman

At the time of writing the Department for Work and Pensions was still waiting for further announcements by May regarding Altmann's successor. 

Altmann was appointed by former prime minister David Cameron in May 2015 and was given a peerage after the Conservative Party won the general election. 

Prior to her ministerial role Altmann had been an independent expert and government adviser on issues such as pensions and retirement policy and social care funding. 

However, she said that during her time in the cabinet "politics got in the way" in pensions policy making.

"As a minister, I have tried to drive positive long-term changes on pensions from within government and ameliorate some of the past mistakes which I have cautioned against," she said in her resignation letter to May.

"Unfortunately over the past year, short-term political considerations, exacerbated by the EU referendum, have inhibited good policy-making."

Altmann outlined a number of areas which the government needed to look at: structure of pension tax relief, defined benefit schemes and women's state pension age. 

She criticised the current structure of pension tax relief as "it favours the highest earners disproportionately, while leaving lower earners seriously disadvantaged". 

Altmann also asked a major review of defined benefit pension scheme funding and affordability.

"Given the risks of diverting corporate resources to one favoured group of workers, the need to ensure adequate resources for younger generations' pensions, the time is right to properly consider the issues facing employers trying to support defined benefit pension schemes and potential use of pension assets to boost economic growth," she said. 

On women's pensions, the consumer champion said women who were affected by the increase in state pension age had not been "adequately informed" and called for "fair treatment" and "better communication" on the issue. 

"I am not convinced the government adequately addressed the hardship facing women who have had their state pension age increased at relatively short notice," she said.

 

She added the government must continue to roll out auto-enrolment and confirmed she would help her successor to work on better pensions policy. 

This article appeared in our July 2016 issue of The Actuary .
Click here to view this issue

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