Advisers have slammed Labour’s decision to promote Rachel Reeves from her role as Shadow pensions minister, saying it shows that the party is not taking the pension crisis seriously.
In a Shadow Cabinet reshuffle last week, Reeves (pictured) was appointed the new Shadow Treasury financial secretary. She has been replaced after less than a year in the role by MP for Cumbernauld, Kilsyth and Kirkintilloch East Gregg McClymont.
Labour changed its pensions minister 13 times since it came to Government in 1997.
ARK Financial Planning director Philip Stevenson says: “Labour does not seem to have any interest in this position, which really affects the industry. That has been shown by the high number of pensions ministers under the last Labour government. We had 13 years of a Labour Government, staring down the barrel of a pension crisis, that did nothing because tackling it is hugely unpopular and costs votes. It looks like Labour is not serious about dealing with it.”
Reeves is seen as a rising star in the party and has been tipped as a future leader. Access Wealth Management partner Jim Clancey says the pension brief would have been a good place for her to prove her mettle.
He says: “We know pensions is a problem and a capable person who understands the issues is what is needed. Reeves should have stayed to get this sorted rather than being promoted for the party’s benefit.”