Commenting on the appointment of Amber Rudd as Secretary of State for Work and Pensions, Steve Webb, Director of Policy at Royal London said:
‘In a large and complex department like the DWP, there is a risk that the attention of a new Secretary of State is quickly focussed on complex and contentious issues like sorting out Universal Credit. But pension policy is also of vital importance to millions and we urgently need a Secretary of State who gives it the attention that it deserves. A particular priority should be to drive forward the pensions dashboard, as well as making sure that there is a Pensions Bill in the next Queen’s Speech. That Bill should make it compulsory for pension schemes and providers to send data to a dashboard, as without compulsion the project will fail. Legislation could also be used to improve automatic enrolment, implementing previously agreed improvements such as bringing in younger workers. And DWP should tackle other unfairnesses such as the way in which some low-paid workers do not get tax relief on their pension contributions and the way that thousands of mothers are missing out on credits towards their state pension. There is much to be done in the pensions space and I hope that Amber Rudd will be make time to focus on the changes that are needed’.
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.