Baroness Ros Altmann will not serve as pensions minister in Theresa May’s new Government.
Altmann was given a peerage and made pensions minister after the Conservatives won a majority in the May 2015 general election.
Portsmouth North MP Penny Mordaunt has been appointed minister of state for the Department of Work and Pensions but her specific brief has not yet been revealed.
In a letter sent to the Prime Minister Altmann says: “I am at heart a policy expert, rather than a politician.”
She goes on to set out a series of priorities for her successor to tackle as the UK enters “uncharted waters”.
These include an overhaul of pensions tax relief, though not a move to the TEE model, a major review of the defined benefit system, and “fair treatment for women” affected by changes to the state pension age.
She says: “On the issue of women’s state pension age, whilst I respect the democratic decision taken in 2011 by our Parliament, I am not convinced the Government adequately addressed the hardship facing women who have had their state pension age increased at relatively short notice.
“They were not adequately informed. I also believe we must devote resource to widely communicating and publicising the coming changes to state pension age for both men and women.”
She adds: “I am honoured and grateful to have had the opportunity to serve in Government and look forward to continuing to advise on pensions, finance and later life policies from the House of Lords benches.
“As an economist and investment professional who has been involved in all aspects of pensions for nearly 40 years, I am at heart a policy expert, rather than a politician. I have spent my entire career trying to help as many people as possible enjoy better later life incomes, encouraging consumer protection and social justice.”