Guy Opperman re-appointed as pensions minister

Number 10 and the Department for Work and Pensions have confirmed Guy Opperman has been re-appointed as pensions minister.

The MP for Hexham was re-elected with an increased majority of 25,152 in last week’s election.

He was first appointed parliamentary under-secretary of state at the DWP on 14 June 2017.

He previously served as a government whip (lord commissioner of HM Treasury) from 17 July 2016 to June 2017.

In his role as pensions minister, Opperman has urged pension schemes to sign up to a framework to reduce transfer times between defined contribution plans.

Opperman has also said the government will consider legislation to make schemes simplify statements if they do not do it on their own.

Plans for shorter workplace pension statements to help people better plan for retirement have been unveiled by the government in a consultation that closes on 20 December.

Opperman has also been a firm backer of the pensions dashboard, whgch the Money and Pensions Service is taking the lead on.

The landslide majority of prime minister Boris Johnson is expected to put the pension schemes bill back on track.

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A recent note from consultants Dalriada Trustees points out the bill should include measures to strengthen the Pension Regulator’s powers and a framework to support the pensions dashboard.

It should also include legislation to establish the operation of collective defined contribution schemes along the lines of Royal Mail and rules setting out the rights of members to transfer to another scheme.

The bill might also include promises made in the Conservative’s election manifesto.

TPR welcomes ‘tougher regulator’ move after Queen’s speech

The Tories have promised to launch an ‘urgent review of the taper problem in doctors’ pensions’ in the first days of a new administration.

In its manifesto the party says it wants to make sure doctors spend as much time treating patients as possible and do extra shifts.

Many senior clinicians are not doing extra shifts due to pension tax bills and some experts have called for the tapered annual allowance to be abolished.

This is seen by many experts as better than the emergency measures the government has just confirmed where it will cover the bills of any clinicians affected by the annual allowance when they retire.

The Conservatives also promise to review and fix the net pay quirk in pensions that prevents the lower paid from saving into a workplace scheme.

A Queen’s speech outlining the government’s plans is scheduled for Thursday.