Written by Steve Webb, Partner at LCP
“After years of a revolving door for pensions ministers, it has been good to have a period of stability under Guy Opperman.
“And he has made progress in some key areas, laying the groundwork for CDC schemes to be introduced in the UK, moving us five years nearer to pensions dashboards and getting pension schemes to focus more on how their funds are invested from an ESG perspective.
“But regrettably there has been no progress in the last five years on the key area on boosting DC savings rates, with the 2017 review still gathering dust.
“There are also serious questions about whether the new DB funding regime is fit for purpose. The new minister will have much work to do to get these key areas moving again.”