Emma Reynolds is the new Pensions Minister

18 July 2024

Image: Chris McAndrew / UK Parliament, Attribution 3.0 [Unported (CC BY 3.0)

Written by Retirement Line

Emma Reynolds has been appointed Parliamentary Under Secretary of State (Minister for Pensions) with responsibility for private and state pensions. The appointment follows Labour’s win in the 4 July general election.

Ms Reynolds will have a joint ministerial role, serving in her Pensions Minister role within the Department of Works and Pensions (DWP) and as Parliamentary Secretary at HM Treasury. 

This has been welcomed by some in the industry, including former pensions minister Steve Webb, quoted in FT Adviser: “In the past, the two departments have not always been ‘joined up’ when it comes to pensions policy, with Treasury changes to pension tax relief sometimes undermining DWP efforts to boost pension saving. 

"With a combined appointment there is the opportunity for decisions on pensions to take full account of the whole pensions landscape.”

Retirement Line’s Mark Ormston echoes this view. He says: “It’s very pleasing to see that the new Pensions Minister will wear DWP and HM Treasury hats at the same time. In theory at least, this should support a more holistic approach to pensions from the outset. It has the potential to support quicker policy decision-making and faster implementation of changes in pension policy.”

Ms Reynolds was elected as the MP for Wycombe in the 2024 election. She was previously MP for Wolverhampton North East from 2010 to 2019.

As we reported on 8 July, Liz Kendall has overall responsibility for pensions in her role as Secretary of State for Work and Pensions.