Emma Reynolds, MP for Wycombe, has been confirmed as the new pensions minister, affirming earlier speculation that a new role spanning both the Treasury and the Department for Work and Pensions (DWP) has been created.
Reynolds won her seat for Wycombe during the general elections by 36 per cent or 16035 of the votes.
She represented Wolverhampton North East three times between 2010 and 2024. Her previous roles include shadow secretary of state for communities and local government in 2015, shadow minister for housing from 2013 to 2015, and shadow minister for foreign and commonwealth affairs from 2010 to 2013.
She has been a member of the Foreign Affairs Committee, Health and Social Care Committee, Committee on the Future Relationship with the European Union and Committee on the Future Relationship with the European Union.
Speaking on X, Reynolds said: “Delighted to spend my first day meeting other ministerial colleagues and officials in my new role as Pensions Minister in the Department of Work and Pensions.”
Aegon head of pensions Kate Smith says: “We welcome Emma Reynolds as the new Pensions Minister, the first ever joint HMT and DWP Pensions Minister. This is entirely fitting and a recognition that pensions span the responsibilities of both departments, and with pensions seen increasingly as a ‘super power’ to drive more investment in the UK.
“Reynolds will have a full in tray, not only to look at the many policy initiatives inherited from the previous government and decide which to continue, change or cancel, but more importantly to start work on Labour’s pension review. We look forward to working with Reynolds on all these initiatives.”
Cushon director of policy & research Steve Watson says: “It’s great to see Emma Reynolds appointed Pensions Minister. Under the last Government, a lot of pensions initiatives including the Mansion House Compact were being pushed by the Treasury – with a foot in both the DWP and Treasury, I expect we will now see a more joined up approach to pensions policy, which can only be a good thing for this crucial sector.
“But there is a lot on her plate: the pensions landscape review, DC consolidation and decarbonisation. And of course this is a government which has pitched itself as one of growth, so reinvigorating capital markets is a key focus and greater investment of pensions into the UK in ‘productive finance’ initiatives will be a focal topic over the next few years.
“Even in existing policy initiatives there is a lot to tackle, like the Value for Money Framework, Small Pots Consolidation, Pot for Life, and the extension of auto-enrolment. 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.”
SPP president Sophia Singleton and SPP chief executive Fred Emden say: “…at this early stage, rather than adding to the array of industry, consumer, political and stakeholder views you may receive, the SPP has just one key ask.
“Whatever policy approaches are taken in relation to any pension issues, our key ask is that you take sufficient time over your decisions, consult thoroughly with industry and allow a sufficient period for any changes to be implemented – very much in keeping with the Labour Party’s manifesto commitment to undertake a comprehensive in-government review of pensions policy.
“This maximises the chances of policy success and impact whilst simultaneously minimising the risks of unintended consequences.”
TPT Retirement Solutions chief executive David Lane says: “One of the most pressing priorities for Emma Reynolds as the new Minister for Pensions is the expansion of automatic enrolment to ensure more people build up more savings for retirement. Auto-enrolment has already been incredibly successful in helping people to grow their pension pots, but raising minimum contribution levels would lead to a substantial increase in pension savings for millions of workers. We also need to consider how those aged under 22 and those in part-time work are brought into the fold.
“A renewed focus on innovation in the pension consolidation space would also be welcome from the new Minister. Reform in this area could allow pension schemes to benefit from increased scale to deliver better returns for savers.
“Finally, the new Government should consider legislation to allow the creation of multi-employer Collective DC pension schemes. Employers, scheme members and the wider economy could all profit from their introduction, and we hope to see their increasing adoption in the coming years.”
AJ Bell head of public policy Rachel Vahey says: “The area of pensions has always sat, somewhat uncomfortably, between two masters. The DWP is responsible for paying state pensions and the regulations for occupational schemes. But ultimately it was always the Treasury that had the upper hand, with control over the financials – setting pensions tax rules and the level of state pensions.
“Historically, pensions ministers and Treasury ministers have had to rub along together, both having a say in people’s income in later life. But in a breath of fresh air, the new Labour government is seeking to ease this tension by appointing a minister that has a foot in both camps and should have the clout in both departments to get things done.
“Reynolds is taking on the mantle of pensions minister at a vital time. The new government is relying on growth in the UK economy to help meet spending commitments. In its manifesto, it promised a review of pensions, with the aim of improving outcomes and encouraging greater levels of investment in UK Plc. The latter will likely mean a continuation of the ‘Mansion House’ agenda started by the previous government, which has placed a particular focus on boosting private equity holdings in occupational pension schemes.
“And whilst the review is ongoing and the bonnet is up, the Labour government may take the opportunity to consider other changes, such as changes to pensions tax. Reynolds’ new dual role will make it much easier to bring that into the fold of one overall review.
“But there are several other issues crying out for the new minister’s attention, including launching pensions dashboards to the public and considering the next stage of the flagship automatic enrolment reforms. At some stage the state pension will also likely need to be looked at, and Reynolds’ dual role should make it easier to drive forward change.
“All eyes will be focused on the King’s Speech next week, and whether a Pensions Bill makes the cut. Regardless of what happens, the new pensions minister will play a key role in shaping UK retirement policy in the coming months and, hopefully, years. The post of pensions minister has historically been depressingly short-term, something which always clashed with the long-term nature of saving for retirement. Keir Starmer’s clear focus on stability is hopefully an indication that Reynolds will be given space to deliver sensible, long-term pensions policy focused on boosting the amount people save for retirement.”
