Paul Maynard: The MP for Blackpool North takes over as Pensions Minister
Paul Maynard is the new Pensions Minister, replacing Laura Trott who spent a year in the job before being promoted to Chief Secretary to the Treasury earlier this week.
The MP for Blackpool North and Cleveleys previously held posts in the Department for Transport, Ministry of Justice and Whips Office between 2016 and 2020.
He also had a six-month stint on the Work and Pensions Committee nine years ago.
Maynard, who was first elected in 2010, won a majority of around 8,600 in the 2019 election.
Pension industry commentators, who have voiced disappointment there was no Pensions Bill in the recent King’s Speech, nevertheless suggest Maynard will have plenty on his plate before an election that is due by January 2025 at the latest.
This is Money readers, who continue to send complaints about long delays in processing state pension top-ups, will be hoping he gets on top of this issue.
Meanwhile, the Treasury is pushing a major initiative to get pension schemes to invest their members’ savings to promote UK growth.
‘The new Pensions Minister will need to hit the ground running,’ says Kate Smith, head of pensions at Aegon.’ Given his lack of financial services experience, this may be challenging.’
Smith says a busy agenda includes implementing auto-enrolment reforms, driving pension scheme consolidation, and encouraging schemes to invest in private equity to encourage economic growth.
‘The previous Pensions Minister, Laura Trott, with her new role at the Treasury may prove to be invaluable here.
‘Time will tell whether Maynard will have the time to get up to speed with all things pension and deliver any of the initiatives in flow given that the general election will be a major distraction.’
Becky O’Connor, director of public affairs at PensionBee, says: ‘The pension baton has been passed from Laura Trott to Paul Maynard on several key initiatives that demand immediate attention.
‘Uncertainty persists regarding the state pension triple lock, the implementation of the Mansion House reforms, the extension of auto-enrolment, the delivery of pension dashboards and the regulations surrounding pension transfers.’
Nigel Peaple, a director at the Pensions and Lifetime Savings Association, says: ‘We look forward to discussing with him our Five Steps to Better Pensions, in particular, the need to set clear goals for adequate, fair, and affordable pensions, maintaining the state pension’s value, and increasing automatic enrolment contributions to 12 per cent over the next decade.
‘Given the impending Autumn Statement, we will also be outlining our views on the support Government should provide to pension funds to attract investment into UK growth.’
