PensionBee comments following the appointment of Torsten Bell MP as Pensions Minister.
Lisa Picardo, Chief Business Officer UK of PensionBee, commented:
“We welcome the new Pensions Minister to his new role. With his extensive experience in public policy, we’re keen to see his innovative approaches that prioritise savers and bring much-needed progress to the pensions industry.
“We are looking forward to seeing whether Torsten Bell – with a background of campaigning for high retirement living standards – can revive the necessary discussions about increasing automatic enrolment pension contributions.
“We are also hoping to see a long-overdue resolution to unnecessary transfer delays caused by the 2021 transfer regulations. Increasing reports highlight the urgent need to provide consumers with greater clarity and confidence in their pension transfers, including the introduction of a 10-day pension switch guarantee.
“We look forward to working with the government to create a more transparent and accessible pension system for everyone.”
Footnotes
Image: Torsten Bell ©House of Commons/Roger Harris
