Pensions - Articles - Pensions minister losing seat creates uncertainty

 The firm, which is one of the largest pensions specialists in the UK, says that Webb was pensions minister for a government that introduced a number of sweeping changes designed to encourage retirement saving and protect existing and future retirees. Flagship policies were the state pension ‘triple lock’, where it increases each year by at least 2.5%, auto-enrolment and this year’s revolutionary new pension rules.

 Jamie Smith-Thompson, managing director of Portal Financial, says: “Steve Webb’s famous quip about retirees being able to buy a Lamborghini with their pensions helped catapult him into the public eye, with the pension freedoms widely touted as making pensions interesting again. Whether or not people agree with the reforms, Webb caught the attention of the media and the public, which helped to put a much needed spotlight on pensions.

 “The question now is what the future holds. Pensions need to be a no-go area for a while; there have been so many reforms recently that there needs to be time for the dust to settle and for people to get used to what has already changed. However, we may see further adjustments, especially if the new minister feels as though there are big shoes to fill, and this could lead to more confusion for consumers.”