Royal London says it will not comment on reports in the Financial Times that Webb is set to join the organisation, which it describes as ‘speculation’, but would not deny the appointment is about to be made.
The appointment would be a coup for Royal London, the UK’s biggest mutual life insurer, as industry sources say there has been a ‘long queue’ to secure the former Coalition minister and LibDem MP who lost his seat at the last general election in May.
Webb’s strategic vision and inside knowledge of government policy would be of value to a pension provider at a time when tax relief on pensions is under consultation.
Webb’s appointment would follow the appointment of former shadow pensions minister Gregg McClymont, who also lost his seat, by Aberdeen Asset Management. McClymont takes on a newly-created role of head of retirement savings.
