Emma Reynolds is the new pensions minister
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Emma Reynolds, who was appointed to the Department for Work and Pensions as well as the Treasury on Tuesday, is the new pensions minister.
Reynolds revealed her appointment on social media platform X on Wednesday evening.
As well as being pensions minister in the DWP, the MP for Wycombe also has a role in the Treasury. The parliament website lists her as a parliamentary secretary in the Treasury and parliamentary under-secretary in the DWP.
Reynolds represented Wolverhampton North East between 2010 and 2019.
The pensions industry welcomed the appointment of the pensions minister. Tim Middleton, director of policy and external affairs at the Pensions Management Institute, congratulated Reynolds, adding: “The appointment comes at a time when there is much crucial work to be done. It is clear that our members are keen to see reforms introduced by the new government. Some proposals could be achieved over the short term, but others would involve major changes that would take years to enact.”
He called for the implementation of auto-enrolment reforms as a priority, and noted that contribution rates also needed to be considered, with tax reform being another issue to tackle.
“A standing Pensions Commission would allow pensions policy to be formed for the long term without being compromised by the short-term constraints of the parliamentary system,” Middleton suggested.
The Society of Pension Professionals has already written to the minister. President Sophia Singleton and chief executive Fred Emden wrote asking for one thing: "Whatever policy approaches are taken in relation to any pension issues, our key ask is that you take sufficient time over your decisions, consult thoroughly with industry and allow a sufficient period for any changes to be implemented - very much in keeping with the Labour party’s manifesto commitment to undertake a comprehensive in-government review of pensions policy."
The SPP argued that this maximises the chances of policy success and reduces the risk of unintended consequences.
Reynolds revealed her appointment on social media platform X on Wednesday evening.
As well as being pensions minister in the DWP, the MP for Wycombe also has a role in the Treasury. The parliament website lists her as a parliamentary secretary in the Treasury and parliamentary under-secretary in the DWP.
Reynolds represented Wolverhampton North East between 2010 and 2019.
The pensions industry welcomed the appointment of the pensions minister. Tim Middleton, director of policy and external affairs at the Pensions Management Institute, congratulated Reynolds, adding: “The appointment comes at a time when there is much crucial work to be done. It is clear that our members are keen to see reforms introduced by the new government. Some proposals could be achieved over the short term, but others would involve major changes that would take years to enact.”
He called for the implementation of auto-enrolment reforms as a priority, and noted that contribution rates also needed to be considered, with tax reform being another issue to tackle.
“A standing Pensions Commission would allow pensions policy to be formed for the long term without being compromised by the short-term constraints of the parliamentary system,” Middleton suggested.
The Society of Pension Professionals has already written to the minister. President Sophia Singleton and chief executive Fred Emden wrote asking for one thing: "Whatever policy approaches are taken in relation to any pension issues, our key ask is that you take sufficient time over your decisions, consult thoroughly with industry and allow a sufficient period for any changes to be implemented - very much in keeping with the Labour party’s manifesto commitment to undertake a comprehensive in-government review of pensions policy."
The SPP argued that this maximises the chances of policy success and reduces the risk of unintended consequences.
David Lane, chief executive of TPT Retirement Solutions, agreed that expanding auto-enrolment should be a priority.
“Raising minimum contribution levels would lead to a substantial increase in pension savings for millions of workers. We also need to consider how those aged under 22 and those in part-time work are brought into the fold,” he said.
He believes that reform around consolidation is needed to achieve higher returns for savers, adding that the new government should consider legislating for the creation of multi-employer collective DC schemes.
Fairness has to be a key ingredient in the pensions system, suggested others. Calum Cooper, head of pensions policy innovation at consultancy Hymans Robertson, said the government should commit to improving pensions equity given the 35% gender pensions gap the DWP has found.
"We believe that the introduction of auto-enrolment credits during work absence due to carer responsibilities can help fill this gap. We’d also like to see employers mandated to disclose their gender pension savings gaps to promote equitable pension provision," Cooper said.
Among others, he added that minimum contributions should rise, citing Hymans Robertson analysis showing that an average earner saving the current minimum has just a one in three chance of reaching the moderate living standard as defined by the Pensions and Lifetime Savings Association.
"We’d like to see an increase in contributions to gradually take the AE minimum from 8% to 12% from 2026 through auto-escalation of 0.5% per annum," he said.
Fairness has to be a key ingredient in the pensions system, suggested others. Calum Cooper, head of pensions policy innovation at consultancy Hymans Robertson, said the government should commit to improving pensions equity given the 35% gender pensions gap the DWP has found.
"We believe that the introduction of auto-enrolment credits during work absence due to carer responsibilities can help fill this gap. We’d also like to see employers mandated to disclose their gender pension savings gaps to promote equitable pension provision," Cooper said.
Among others, he added that minimum contributions should rise, citing Hymans Robertson analysis showing that an average earner saving the current minimum has just a one in three chance of reaching the moderate living standard as defined by the Pensions and Lifetime Savings Association.
"We’d like to see an increase in contributions to gradually take the AE minimum from 8% to 12% from 2026 through auto-escalation of 0.5% per annum," he said.
Reynolds' appointment was also noticed by Aegon's head of pensions Kate Smith, who said: "We welcome Emma Reynolds as the new pensions minister, the first ever joint HMT and DWP pensions minister. This is entirely fitting and a recognition that pensions span the responsibilities of both departments, and with pensions seen increasingly as a ‘super power’ to drive more investment in the UK."
Smith said Reynolds will need to decide which of the many policy initiatives inherited from the previous government to continue, change or cancel, "but more importantly to start work on Labour’s pension review".
How could Reynolds’ double role in the DWP and Treasury impact on pensions policy?
