The UK pensions industry has welcomed the reappointment of Torsten Bell as parliamentary under-secretary of state for pensions, citing continuity as the government moves from legislating reforms to implementing them.
Andy Burnham became UK prime minister this week after being elected Labour Party leader last week following Keir Starmer’s resignation in late June.
In the subsequent cabinet reshuffle, Burnham appointed John Healey as chancellor of the exchequer. Other senior appointments included Ed Miliband as foreign secretary, Angela Rayner as housing secretary and Wes Streeting as defence secretary.
One area unchanged is pensions, with Bell remaining in post after overseeing one of the most significant periods of pensions reform in recent years.
Bell, who became pensions minister in January 2025, succeeding Emma Reynolds, steered the Pension Schemes Bill through parliament before it received Royal Assent earlier this year. He also led the government’s restructuring of the Local Government Pension Scheme (LGPS), instructing Brunel Pension Partnership and ACCESS to wind down, and requiring participating funds to seek alternative pooling arrangements.
Earlier this month, Bell used his Mansion House speech launching the pensions reform roadmap to signal that, with the Pension Schemes Act now in force, the government’s focus has shifted to the “delivery phase”.
To address industry concerns, Bell confirmed that the first year of Value for Money assessments will not carry regulatory consequences, and pledged to align the Guided Retirement timetable with forthcoming Retirement-Collective Defined Contribution (CDC) legislation.
He also highlighted plans to strengthen trusteeship and governance as pension schemes become larger, and said the Pensions Commission’s final report would be translated “swiftly” into policy while informing the work and pensions secretary’s review of the State Pension age.
The commission’s interim report warned that too many people, particularly the self-employed, are not saving enough for retirement.
Elsewhere in the Department for Work and Pensions (DWP), Pat McFadden remains secretary of state for work and pensions, Baroness Maeve Sherlock continues as work and pensions minister in the House of Lords, while Andrew Western has been promoted to minister of state.
Continuity
Steve Webb, former pensions minister and partner at LCP, said the frequent turnover of pensions ministers has created uncertainty for the sector.
Bell is the longest-serving pensions minister since Guy Opperman, who held the role for five years until September 2022. Since then, the position has been held by Laura Trott, Paul Maynard and Emma Reynolds before Bell’s appointment in January 2025.
Webb said: “We can now expect to see the ‘pensions roadmap’ set out earlier in July implemented with vigour. In particular, we can expect to see new areas like retirement CDC given continued impetus. And, once the Pensions Commission has reported early next year, it is highly likely that a new Pensions Bill will be brought forward in 2027 to implement its key findings and to set the agenda for pensions for decades to come.
“It is to be hoped that we are seeing a new and welcome era of certainty and continuity in pensions policy”.
Patrick Heath-Lay, chief executive officer of People’s Pension, said government reshuffles can be “disruptive” as incoming ministers require time to become familiar with their briefs.
He said: “At this crucial moment for pension reform, it’s fantastic news that we have continuity with Torsten Bell remaining as minister for pensions.”
Heath-Lay noted that Bell has brought “real vision, energy and understanding” to the role and has engaged constructively with the industry to develop an ambitious programme of reform.
“This has seen the delivery of the Pension Schemes Act, with the focus now turning to implementing the important changes set out in the pensions’ roadmap. The entire government agenda on pensions is substantial, spanning market reform, pension adequacy and productive investment, all of which are critical to improving retirement outcomes and supporting economic growth,” he continued.
Zoe Alexander, executive director of policy and advocacy at Pensions UK, also welcomed Bell’s reappointment, saying he has demonstrated that he can deliver ambitious pensions reform.
“Maintaining momentum will be critical to delivering better outcomes for savers,“ she said.
Calum Cooper, head of pension policy innovation at Hymans Robertson, said the priority should now be turning policy into measurable improvements for savers.
He said: “Automatic enrolment and the State Pension have given millions greater financial security in later life. But participation alone is no longer enough. We need a stronger focus on outcomes. That means implementing the outstanding AE reforms, setting a clear long-term path towards higher saving levels and ensuring pension policy reflects the reality of modern working lives. The self-employed, lower earners, carers and those with multiple jobs should not be left behind.”
