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New pensions minister to lead future of guidance

Wide-ranging brief will include creating a single guidance body and oversight of The Pensions Regulator and The Pensions Ombudsman

New pensions minister Guy Opperman has been given responsibility for the introduction of a single financial guidance body.

The Government announced the Hexham MP would take over from Richard Harrington last week, and would be given the expanded role of minister for pensions and “financial inclusion”.

Opperman’s responsibilities have now been set out as covering state and private pension benefits, including the new state pension, the Government’s state pension age review, automatic enrolment and the National Employment Savings Trust.

He is also taking the lead on creating a single body for the public to access financial guidance.

The Government is working to merge The Pensions Advisory Service, The Money Advice Service and Pension Wise into a single entity, no earlier than autumn 2018.

In his financial inclusion brief, he will also work on the Government’s Post Office card account, which allows those without traditional banking services to access their benefits, and the Government’s investment to expand credit unions.

Opperman’s role will also encompass oversight of The Pensions Regulator, The Pension Protection Fund and Pensions Ombudsman.

Opperman was a barrister for 20 years before he was elected an MP in 2010. He served as a government whip and private parliamentary secretary to then immigration minister Mark Harper.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Please can the Minister start by publishing some clear objectives for this body? He might want to use the acronym SMART to ensure we don’t get the usual wishy-washy high level nonsense that cannot be measured

  2. So basically, he know nothing about DC pension plans. May I respectfully suggest that he attends a PFS conference as his first step and networks with IFAs before he makes any decisions

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