The King appoints new UK pensions minister

King Charles has made two new ministerial appointments, one of which involves a change in the role of pensions minister. Torsten Bell, the Member of Parliament for Swansea West, has been designated as the fourth individual to hold the position in just over two years. He takes over from Emma Reynolds, MP for Wycombe, who was appointed to the role in July of the previous year.

Emma Reynolds’ departure follows the resignation of Tulip Siddiq, the former Treasury minister responsible for the Financial Conduct Authority (FCA). Siddiq stepped down after concerns were raised regarding her connections to the former political regime in Bangladesh.

Zoe Alexander, Director of Policy & Advocacy at the Pensions and Lifetime Savings Association, said: “We wish Emma Reynolds luck in her new role as Economic Secretary to the Treasury and thank her for her strong leadership during her time as Minister for Pensions. Emma has been highly engaged with the industry, helping to progress some critical reforms with dedication and insight. We look forward to continuing to work with her in the future.

“We welcome Torsten Bell as the new Minister for Pensions 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.’