08 May 2015 - Post by:Däna Burstow
Whatever I might feel about the outcome of the election, of one thing I am sure – that the pensions industry is a poorer place without Steve Webb as pensions minister. He really rolled up his sleeves to get to tackle the issues we face and listened with open ears.
Here’s hoping that we don’t go back to the revolving door which we suffered before Webb’s stint. Not being in the job for long enough to work out where the paperclips are kept, let alone understand the complexities of GMP equalisation, makes the role meaningless. Pensions are too important to the fabric of society and too long term to be treated as something which can be managed sensibly by a relay team of ministers passing the pensions baton on.
If it’s not possible to find a way for him to fill that post under the new government and we go back to the bad old days, you can see support being generated for the NAPF’s proposal for an Independent Retirement Savings Commission to ensure some stability and knowledge are brought to pension governance.
Däna Burstow is a partner at Allen & Overy LLP.