Ros Altmann has been appointed as the new pensions minister.
The independent adviser and former director general of Saga is an expert on pensions, economic policy and consumer finance, but is perhaps best known for spearheading a lengthy campaign to achieve compensation for 150,000 workers who lost their final salary pensions after receiving false guarantees from the government. Her work in this area helped establish the Financial Assistance Scheme and the Pension Protection Fund.
She also campaigned for compensation for the hundreds of thousands of Equitable Life victims and in 2014 she was appointed a CBE for services to pensioners and pension provision and is the UK government’s Business Champion for Older Workers.
Altmann (pictured) began her career as an academic at University College London, London School of Economics and at Harvard University, researching and publishing on UK pension policy, occupational pensions and retirement.
She also managed institutional investment portfolios for 15 years before becoming an independent consultant. She was director general of Saga between October 2010 and February 2013.
Altmann replaces Liberal Democrat Steve Webb who lost his Thornbury and Yate seat in last week’s General Election. Webb had occupied the position 2010 and was one of the longest-serving ministers in recent years. His tenure included the introduction of auto-enrolment in 2012 and the end of compulsory annuitisation which came into force last month.
Iain Duncan Smith remains secretary of state for work and pensions.
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