Torsten Bell, MP for Swansea West, has been appointed parliamentary secretary in HM Treasury and parliamentary under-secretary of state in the Department for Work and Pensions (DWP).
As of 14 January, he has a dual role across both HM Treasury and DWP, as did his predecessor Emma Reynolds.
In thsi role, he will be responsible for private and state pensions, pensioner benefits, social fund, net zero, HM Treasury, Shadow Lords, the Money and Pensions Service, the National Employment Savings Trust (Nest), The Pensions Ombudsman, the Pension Protection Fund and The Pensions Regulator.
Lisa Picardo, chief business officer UK at PensionBee, said: “With his extensive experience in public policy, we’re keen to see his innovative approaches that prioritise savers and bring much-needed progress to the pensions industry. We are looking forward to seeing whether Torsten Bell, with a background of campaigning for high retirement living standards, can revive the necessary discussions about increasing automatic-enrolment pension contributions.”
Sophia Singleton, president of the Society of Pension Professionals, added: “This is a particularly important time for pensions policy with various consultations in train, dashboards, value for money and other projects mid-progress and a much-needed pensions adequacy review having appeared to have stalled under the previous minister. We, therefore, look forward to working with the new minister to drive forward these important initiatives and implement the most effective, evidence-based pensions policy possible.”
Zoe Alexander, director of policy and advocacy at the Pensions and Lifetime Savings Association, said: “We welcome Torsten Bell and look forward to engaging with him on the Pensions Review in what is a critical year for pensions policy. Torsten is already well known and respected within the pensions industry. We are optimistic that he will bring the leadership that is needed to make progress on both phases of the Pensions Review and look forward to working with him to continue to deliver a system that is adequate, affordable and fair, in the interests of UK savers.”