Following the news that Pensions Minister Guy Opperman has resigned, AJ Bell head of policy development, Rachel Vahey has reacted.
She says: “It was only in the past few weeks that Guy Opperman passed the milestone as our longest-serving pensions minister, and it’s clear to see the impact his tenure has had on developments in the pensions market,”
“Perhaps his most significant influence, and one which we hope his successor will continue, has been to turn the pensions discussion toward a focus on engagement and make things less about the products. Opperman understood that engagement is the key ingredient that encourages more people to save for their retirement income. A number of initiatives he was most passionate about were centred around improving engagement.
“From annual statements, to mid-life MOTs and developing the Pensions Dashboards – these initiatives were all about improving engagement with customers, aiming to help people gain a better understanding of their pensions and how they can invest for a more prosperous retirement.
“The challenge now remains for the industry, and Guy Opperman’s replacement, to keep those initiatives moving forward. Creating the right legislative and regulatory environment is critical in order to allow pension schemes and providers to help and encourage customers to save in the best way possible for them.”
