“It is disappointing that one of the most important jobs in government, which has a huge bearing on people’s financial wellbeing, has become a merry-go-round. The DWP has a huge budget, overseeing billions in state retirement support and other benefits, as well as implementing crucial private savings programmes like auto-enrolment. It is currently tasked with conducting a review of auto-enrolment policy, including looking at extending pension saving to 18 year olds exploring how the UK’s five million self-employed can be supported to save for the long-term. These are crucial issues for the UK’s long-term financial security and our personal prosperity.
“Esther McVey will have some understanding of the brief from her time as Parliamentary Under-Secretary for Work and Pensions. However, setting retirement policy and ensuring we have a well-functioning state pension system is a long-term project which is put at risk if the minister responsible for the DWP changes for one year to the next.
“Those planning ahead for their retirement need certainty and stability when it comes to government policy so that they can make informed financial planning choices. We need a minister to stay in the role for a number of years with a real commitment to properly scrutinising any proposed legislative changes to the pension system.”