Torsten Bell appointed pensions minister as Reynolds gets economic role

The government has appointed Torsten Bell as pensions minister following the resignation of economic secretary Tulip Siddiq.

Siddiq resigned following scrutiny of her family’s ties to the Bangladeshi government, although an investigation has found no breach of the Ministerial Code.

Bell was elected to parliament for the first time in last year’s general election, representing the Swansea West constituency. He is a former chief executive of the Resolution Foundation think tank.

He has previously worked as an adviser to former Labour chancellor Alastair Darling and was director of policy for the party’s former leader Ed Miliband.

Bell will have a joint brief to the Department of Work and Pensions and the Treasury, just as his predecessor Emma Reynolds did. Reynolds has succeeded Siddiq as economic secretary to the Treasury.

Zoe Alexander, director of policy and advocacy at the Pensions and Lifetime Savings Association, said Reynolds had shown “strong leadership” and was “highly engaged with the industry, helping to progress some critical reforms with dedication and insight”.

She added: “Torsten Bell is already well known and respected within the pensions industry. We are optimistic that he will bring the leadership that is needed to make progress on both phases of the Pensions Review and look forward to working with him to continue to deliver a system that is adequate, affordable and fair, in the interests of UK savers.”

Steve Webb, partner at LCP and a former pensions minister, said Bell had “a deeper knowledge of pensions than many of his predecessors”, due in part to his work at the Resolution Foundation.

“This should also mean that the time it takes him to master his new brief will be considerably shortened,” Webb said. “His many years as a Whitehall insider also means that he know how to get things done within government and hopefully that should mean that the status of pensions policy within government is enhanced as a result.”

Gareth Tancred, chief executive officer at the Pensions Management Institute, said the new minister should consider focusing on pensions adequacy, given the delay to the second phase of the Pensions Review.

“The delay to the second part of the Pensions Review provides an opportunity to fundamentally consider not just adequacy but also how automatic enrolment can be evolved and modernised to both support everyday savers but also reflect how people are making ends meet in retirement,” Tancred said.

Sophia Singleton, president of the Society of Pension Professionals, lamented that important policy developments such as the Value for Money framework “appeared to have stalled” under the previous minister. She called for Bell to “drive forward these important initiatives and implement the most effective, evidence-based pensions policy possible”.

Jon Greer, head of retirement policy at Quilter, agreed that Bell’s background would “enable him to grasp the complexities of a sector that is so critical to the financial wellbeing 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,” Greer continued.

“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.”

Bell’s twin brother, Olaf, is head of prime minister Sir Keir Starmer’s policy unit, having been appointed earlier this week.