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Steve Webb set to join Royal London

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Mutual retirement provider Royal London is set to snap up former pensions minister Steve Webb, the Financial Times reports.

Webb, who lost his seat in the rout of Liberal Democrat MPs in the general election, has held meetings with providers since May.

Royal London chief executive Phil Loney is known for his outspoken views and the firm has criticised the Government’s “headline-grabbing” policies in the past.

Webb, the longest-serving pensions minister since the role was created, has been a vocal advocate for introducing a flat rate of tax relief on pension contributions.

The Treasury launched a 12-week consultation on tax relief reform in the July Budget.

There are rules that prevent ministers from lobbying Government for two years after leaving office. They must also seek advice from the independent Advisory Committee on Business Appointments about any employment they take on.

Webb had held the Thornbury and Yate seat since 1997 with a healthy majority but lost by 1,495 votes.

He follows his Labour counterpart, former shadow pensions minister Gregg McClymont into an industry role.

McClymont, who lost his Cumbernauld, Kilsyth and Kirkintilloch seat, joined Aberdeen Asset Management this month as head of retirement savings.

Webb and Royal London declined to comment to the newspaper.

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