Torsten Bell was named as the U.K. government’s new pensions minister, according to an official government announcement.
Bell was named jointly as a parliamentary secretary in His Majesty's treasury, and parliamentary undersecretary of state in the Department for Work and Pensions.
Bell replaced Emma Reynolds, who had been pensions secretary for the Labour government since its election victory in July. Reynolds was named as economic secretary to the Treasury, replacing Tulip Siddiq, who has "left government," the announcement said.
Bell has been a member of parliament for Swansea West since July. Between 2015 and 2024 he was CEO of the Resolution Foundation, a think tank focused on improving living standards for those on low-to-middle incomes. He was previously a special adviser to Alistair Darling, former chancellor of the exchequer, during the 2008/09 global financial crisis.
Thanks to his background, Bell "will arrive at DWP with a deeper knowledge of pensions than many of his predecessors," said Steve Webb, partner at Lane Clark and Peacock and pensions minister between 2010 and 2015. "In particular, his time at the Resolution Foundation included publishing a number of reports on pensions and savings issues which means he may well already have strong views on many topics."
Webb added that it should take a "considerably shortened" period for him to learn his new brief, and added that "his many years as a Whitehall insider also means that he know(s) how to get things done within government and hopefully that should mean that the status of pensions policy within government is enhanced as a result."
The move comes as Chancellor of the Exchequer Rachel Reeves plans major reform to the U.K. pensions industry, undergoing an extensive review and taking inspiration from Canada and Australia in an overhaul of investments from Local Government Pensions Schemes.
“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,” said Zoe Alexander, director of policy & advocacy at industry body the Pensions and Lifetime Savings Association.
“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,” she said.