“The Work and Pensions Select Committee has been an influential body known for its harsh line of questioning and ability to hold powerful organisations to account, including the regulators. Frank Field was a force to be reckoned with, but the baton has been passed and Stephen Timms is now taking the helm. These are big shoes to fill, but Stephen has extensive experience in Government and the Shadow Cabinet and we are pleased he will be picking up the baton and leading the Committee in such a critical time.
“He has made a number of vital commitments including reviewing the protections in place for savers so they do not fall victim to scams. We expect him to swiftly urge the Committee to assess the adequacy of investigations into potential pension scams and whether the rules are being enforced sufficiently to deter scammers. Scammers existed long before the introduction of pension freedoms and will exist after so it would be naïve to point the finger of blame at pension freedoms.
“Pensions offer no shortage of material for the committee to investigate and it will be interesting to see which of the many topics make their way onto the agenda. There is the ongoing debate around defined benefit pensions, issues around carers who are propping up the crumbling social care system, how to continue the success of auto-enrolment, how to ensure the self-employed are saving appropriately for retirement and the list goes on.”