Industry veteran Ros Altmann has been appointed pensions minister at the UK Department for Work & Pensions (DWP).

She was appointed by re-elected prime minister David Cameron, who reshuffled his Cabinet on Monday after winning the UK general elections last week.

Altmann replaces outgoing minister Steve Webb, a Liberal Democrat who lost his seat in the Thornbury and Yate constituency to the Conservatives.

Webb served as pensions minister for the last five years, overseeing a major reform of the sector.

The UK National Association of Pension Funds (NAPF) welcomed Altmann’s appointment.

Chief executive Joanne Segars cited the challenging times for an industry midway through “the biggest reforms in decades” but said her organisation looked forward to working with the new minister.

“We want to share our expertise to negotiate the tough challenges that lie ahead – some of which may require difficult decisions,” she said.

“We encourage the minister to consider the benefits an independent commission would offer. By providing impartial and independent expertise and analysis, a commission would allow the minister to make policy that stands the test of time.”

Altmann boasts more than two decades’ experience as an independent adviser to the pensions industry, financial services companies and the government on pensions policy.

She has also worked as an investment banker, fund manager and economist.

She was recently appointed the UK government’s Business Champion for Older Workers and awarded a CBE in the Queen’s Birthday Honours 2014 for services to pensioners and pension provision.