Pensions minister Guy Opperman resigns

Longest-serving minister for pensions quits as row over prime minister’s conduct escalates

Jonathan Stapleton
clock • 1 min read
Pensions minister Guy Opperman resigns

The minister for pensions and financial inclusion Guy Opperman has resigned after 1,850 days in office.

Opperman - who began his role as pensions minister on 14 June 2017 and took over from Sir Steve Webb as the longest serving pensions minister on 11 June this year - said on Twitter that it "has been a honour, and a great responsibility to serve as a minister but we need leadership change, and I have resigned".

During his term as minister, Opperman has overseen significant progress on pensions dashboards, put in place the legal framework for collective defined contribution schemes, and has also been known for his work on climate change, with the UK becoming the first major economy to mandate Taskforce on Climate-related Financial Disclosure rules reporting for its pensions sector during his tenure.

Professional Pensions' Pensions Buzz pundits voted Opperman as the most influential figure in pensions earlier this year - the only figure to come in ahead of newly-resigned former chancellor Rishi Sunak.

Critics, however, have pointed towards Opperman's lack of progress on auto-enrolment, highlighting the failure to even begin the implementation of the 2017 review. Opperman has also received criticism over state pension errors, his stance on annual allowance and lifetime annual allowance rules, and his support for mass scheme consolidation in both the defined benefit and defined contribution sectors.

See more: Has Opperman made positive changes? What you said…

 

More on Industry

M&S reports £25.6m pension surplus reduction due to rising gilt yields

M&S reports £25.6m pension surplus reduction due to rising gilt yields

Results state there is ‘no material worsening’ of scheme’s overall funding position

Holly Roach
clock 07 November 2024 • 1 min read
Smart Pension hits £6bn in assets under management

Smart Pension hits £6bn in assets under management

Provider said growth largely due to new business wins and consolidation

Holly Roach
clock 06 November 2024 • 1 min read
NatWest to transfer £11bn of pension assets to purchase buy-ins with Rothesay

NatWest to transfer £11bn of pension assets to purchase buy-ins with Rothesay

Trustees are reportedly set to transfer a third of scheme assets to purchase buy-in policy

Holly Roach
clock 06 November 2024 • 2 min read
Trustpilot