Ros Altmann was appointed pensions minister at the Department for Work and Pensions following a reshuffle of the U.K. Conservative Party's ministerial cabinet.
Prime Minister David Cameron announced the appointment on Twitter, alongside a statement on the government's website.
Ms. Altmann is a regular commentator on retirement issues and is an economist by training, according to her personal website. She has held a number of roles in the money management and investment banking industries. In July, she was appointed business champion for older workers.
Industry experts welcomed Ms. Altmann's appointment as pensions minister but said she has big shoes to fill after Steve Webb, who had held the role since 2010.
“In terms of getting the job done, (Ms. Altmann) has a hard act to follow,” said Alan Morahan, head of defined contribution consulting at Punter Southall, in a news release. Mr. Morahan said the industry has not seen and would rarely see “a more active pensions minister than Steve Webb and whilst some of his initiatives have yet to be proven as effective, he cannot be criticized for the energy he brought to the role. (She) now has the task of ensuring that the new pension freedoms deliver and do not turn into the next pension nightmare, as a result of mis-selling and misunderstanding.”
Joanne Segars, CEO of the National Association of Pension Funds, added in a news release: “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.”
