Torsten Bell has been appointed pensions minister, becoming the fourth in just over two years.
Bell has been MP for Swansea West since the 2024 boundary change and was previously the chief executive of the Resolution Foundation.
He takes over from Emma Reynolds, MP for Wycombe, who was appointed in July last year. She has now replaced Tulip Siddiq as treasury minister following Siddiq’s resignation amid speculation about her connections to former Bangladeshi prime minister Sheikh Hasina.
Quilter head of retirement policy Jon Greer says: “Torsten Bell’s appointment as a joint Parliamentary Secretary in HM Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions signals Labour’s intention to place pensions policy at the heart of its economic agenda.
“Bell’s background as an economist and his tenure as chief executive of the Resolution Foundation provides him with a solid background for the pensions brief and will enable him to grasp the complexities of a sector that is so critical to the financial well-being of millions.
“While Bell has previously advocated for radical pension tax reforms – such as moving to flat-rate pension tax relief and capping the tax-free lump sum at £40,000 – these ideas often fail to account for the practical realities facing savers who have relied on the stability of the existing system.
“That said, his dual appointment, like Reynolds’s role, across Treasury and DWP reflects the broader implications pensions have for the economy and the public finances. Labour’s commitment to the state pension triple lock, despite fiscal constraints, will test his ability to deliver on manifesto promises while ensuring long-term sustainability.
“Bell’s appointment also underscores a perennial issue, which is the revolving door of pensions ministers. This role, pivotal to the retirement prospects of millions, has seen a succession of short-lived appointees, each struggling to leave a meaningful legacy.
“The pensions industry is eager for a minister who can combine vision with execution and remain in post long enough to deliver meaningful reform.”
Society of Pension Professionals president Sophia Singleton says: “This is a particularly important time for pensions policy with various consultations in train, Dashboards, Value for Money and other projects mid-progress and a much-needed pensions adequacy review having appeared to have stalled under the previous Minister. We therefore look forward to working with the new Minister to drive forward these important initiatives and implement the most effective, evidence-based pensions policy possible.”
Aegon head of pensions Kate Smith says: “We welcome Torsten Bell’s appointment as new Pensions Minister, replacing Emma Reynolds. Bell’s appointment is unlikely to ‘ring’ in any immediate pension changes to the Government’s pension and growth agenda given most initiatives bear the Treasury footprint where Reynolds now resides. Bell will have his hands full due to the extremely busy and ambitious pensions agenda, including the ‘Unlocking the UK pensions market for growth’ which closes tomorrow and the Pension Schemes Bill scheduled for the Summer.
“Although this is a change in Ministerial leadership, we expect little change in the strategic policy direction. But we would welcome clarity on when the Government will return to the ‘adequacy’ phase of its Pensions Review. This is also an opportunity to carry out a review of all the policy initiatives in flow, considering the sequencing which works best to deliver the government’s objectives without causing customer confusion or market chaos.”
NatWest Cushon director of policy & research Steve Watson says: “It’s great to see Torsten Bell appointed Pensions Minister.
“Like his predecessor Emma Reynolds, he has a dual role across both HM Treasury and the Department of Work & Pensions, which will ensure the continuation of a joined-up approach to pensions policy. This can only be a good thing with a huge pensions to do list to get through.
“There’s a lot on his plate, especially the pensions investment review – the consultation deadline is on Thursday – which is important to helping secure good outcomes for pension savers and a better future for them and broader society.
“Other policy initiatives that are potential enablers, like the Value for Money Framework, also need to be delivered. How the new pensions minister begins to prioritise and tackle all of these crucial challenges and initiatives will be vital to how the sector evolves and how quickly. We look forward to working with Torsten to help deliver on the pensions agenda which has the potential to transform pensions.”
