View more on these topics

Ros Altmann confirmed as pensions minister

Ros Altmann

Prime minister David Cameron has confirmed Ros Altmann is to be pensions minister, days after she told Money Marketing she had turned down the role.

Prior to the election Altmann said she would be minister responsible for consumer protection and education.

She said she did not want to be pensions minister because she thought she could have more influence in a broader role.

Altmann was due to conduct a broader review of “financial fairness” which would explore whether a charge cap should be applied to pension products, rights for older people in the mortgage market and extending Pension Wise beyond at-retirement guidance.

She has also backed a complete ban on commission, which can still be paid for non-advised business, and criticised the dual charging structure of Government-backed auto-enrolment scheme Nest.

Altmann has also said the de minimis level for mandated advice when individuals sell an annuity on must not be lower than £30,000, the trigger for defined benefit transfers.

She defended herself against critics who said she could no longer claim to be independent, saying she would stand up to the Government when necessary.

She said: “I will do my absolute best to work on behalf of the ordinary silent majority of this country to improve financial fairness and education from within Government.

“The problem for someone like myself – and I’ve been criticised for accepting the role – is that I spent years as an independent outsider and I know what it’s like. I’ve achieved a lot but if you really want to make the biggest difference you have to be inside, not outside.”

LibDem Steve Webb lost his seat in the general election – he was pensions minister for the five years of the coalition government.



Housing market has ‘dodged a bullet’ after Labour’s election disaster

Industry experts have hailed the Conservative’s majority in the general election and say the housing market has “dodged a bullet” as the UK avoided voting Labour into power. The Conservatives achieved a comprehensive victory, winning 331 of the 650 seats being contested. Labour came second with 232 seats, followed by the Scottish National Party with […]


Govt sells down stake in Lloyds after rally

The Government has capitalised on a rally in Lloyds Banking Group shares following last week’s election result and reduced its stake in the bank to below 20 per cent. The Financial Times reports the Treasury will say as early as this week that it has cut its stake in Lloyds from 21 per cent to […]


Advisers cheer Conservative victory

Advisers have welcomed news of the Conservatives’ election victory despite mourning the loss of some Liberal Democrat ministers. David Cameron’s party have been swept back into power today, gathering enough seats to rule without the support of the Lib Dems. Alpha Investments and Financial Planning director Alan Solomons says the news is positive for investment markets. […]

Nigel Farage Ukip leader 2013 700 x 450.jpg

Nigel Farage and Nick Clegg quit after election drubbing

Nigel Farage will stand down as leader of Ukip after losing out in his bid to be elected as the MP for Thanet South. Liberal Democrat leader Nick Clegg has also confirmed he will quit as leader after a “crushing” election night. Labour leader Ed Miliband will also exit following a shattering result for the […]

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. Friday 8th May: Ros Altmann turns down Pension Minister role.

    Monday 11th May – Ros Altmann appointed pension minister.

    Has Ros caught the Farage bug?

    So we have the same old Hokey Kokey at Westminster. I wonder what made her change her mind. (Lady’s prerogative!)

    Of course this goes to show that now the election is over – nothing really changes. As they say:

    Plus ça change, plus c’est la même chose

  2. Well she got a peerage gifted to do the (original) job, as a sweetener, look do this job instead in a couple of years (irrespective if you did good or bad) leave as a dame !

  3. I hope she calls on Steve Webb for his knowledge and guidance

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm