Pensions - Articles - Comments on Guy Opperman becoming Pension Secretary

 Kevin LeGrand, President of the Pensions Management Institute, said: “It's certainly right to recognise that people need to become more involved in managing their own financial affairs. Pensions are only one part of the equation. If this is what Mr Opperman's title is implying then that is to be welcomed.

 “However, one word of warning. Pensions satisfy a unique requirement. In considering where they fit into the wider financial picture, that uniqueness must not be overlooked or traded away in favour of a simplified generic savings approach. Recent Treasury-driven policies have moved significantly in that direction and it is important to ensure that pensions are ringfenced from any further such movement in the future.

 “So whilst we welcome Mr Opperman’s appointment we look forward to an early opportunity to reiterate the case for the protection of the at-risk pensions species. We also hope that notwithstanding the disappointing decision to continue without a pensions champion with Minister status at the DWP, he will be able to give pensions the attention in government that they require.”

 Darren Redmayne, CEO of Lincoln Pensions, said: “After the focus during the election on the future of the State Pension and pensioner benefits, the new minister will certainly have his hands full. However, it’s important that the new government maintains its focus on improving the security of benefits for members of defined benefit schemes through the sponsor covenant that stands behind them. There appears to be rare political consensus that members need better protection to address issues faced in cases like BHS, British Steel, and now Hoover.”