"Bell’s background as an economist and his tenure as chief executive of the Resolution Foundation provides him with a solid background for the pensions brief"
- Jon Greer, head of retirement policy at Quilter
King Charles has announced two new ministerial appointments, including a change of pensions minister.
Torsten Bell, MP for Swansea West, has been appointed as the fourth pensions minister in just over two years, replacing Emma Reynolds, MP for Wycombe, who was appointed in July last year.
Reynolds has replaced Tulip Siddiq, the former Treasury minister with responsibility for the FCA, who resigned yesterday over her links to the former political regime in Bangladesh.
Bell was previously chief executive of the Resolution Foundation from 2015 to 2024.
Zoe Alexander, director of policy and advocacy at the Pensions and Lifetime Savings Association, commented: “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."
Jon Greer, head of retirement policy at Quilter, said: "Torsten Bell’s appointment as a joint Parliamentary Secretary in HM Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions signals Labour’s intention to place pensions policy at the heart of its economic agenda.
"Bell’s background as an economist and his tenure as chief executive of the Resolution Foundation provides him with a solid background for the pensions brief and will enable him to grasp the complexities of a sector that is so critical to the financial well-being of millions.
"While Bell has previously advocated for radical pension tax reforms – such as moving to flat-rate pension tax relief and capping the tax-free lump sum at £40,000 – these ideas often fail to account for the practical realities facing savers who have relied on the stability of the existing system.
"That said, his dual appointment, like Reynolds role, across Treasury and DWP reflects the broader implications pensions have for the economy and the public finances. Labour’s commitment to the state pension triple lock, despite fiscal constraints, will test his ability to deliver on manifesto promises while ensuring long-term sustainability.
"Bell’s appointment also underscores a perennial issue, which is the revolving door of pensions ministers. This role, pivotal to the retirement prospects of millions, has seen a succession of short-lived appointees, each struggling to leave a meaningful legacy.
"The pensions industry is eager for a minister who can combine vision with execution and remain in post long enough to deliver meaningful reform."
Kate Smith, head of pensions at Aegon, added: “We welcome Torsten Bell’s appointment as new pensions minister, replacing Emma Reynolds. Bell’s appointment is unlikely to ‘ring’ in any immediate pension changes to the Government’s pension and growth agenda given most initiatives bear the Treasury footprint where Reynolds now resides. Bell will have his hands full due to the extremely busy and ambitious pensions agenda, including the ‘Unlocking the UK pensions market for growth’ which closes tomorrow and the Pension Schemes Bill scheduled for the Summer.
“Although this is a change in Ministerial leadership, we expect little change in the strategic policy direction. But we would welcome clarity on when the Government will return to the ‘adequacy’ phase of its Pensions Review. This is also an opportunity to carry out a review of all the policy initiatives in flow, considering the sequencing which works best to deliver the government’s objectives without causing customer confusion or market chaos."
