"Continual short-termist tinkering is counterproductive and misguided as pensions are, by their very nature, long-term."
Former television presenter and Member of Parliament for Tatton, Esther McVey, has been appointed as Secretary of State for Work and Pensions in the latest Cabinet reshuffle.
McVey landed the role after Justine Greening turned it down and resigned from the cabinet yesterday evening.
She replaces David Gauke who was given the role as part of the last cabinet reshuffle in June 2017.
Gauke will become Secretary of State for Justice, replacing David Lidington.
CEO of financial advisory firm deVere Group, Nigel Green, says McVey must "resist the temptation to tinker with the pension system and engage fully with the pensions industry".
Green said: “Continual short-termist tinkering is counterproductive and misguided as pensions are, by their very nature, long-term.
“The industry and consumers demand a continued period of stability in the often-confusing and complex pensions sector to give the more recent major shake-ups, such as the new state pension, the new pension freedoms and the latest annual tax allowance rules, time to settle.
"I would urge Ms McVey to engage fully with the pensions industry and pension savers on any future changes in order to ensure that the current and forthcoming challenges are successfully addressed and met, the policy fundamentals are right, and that any errors of the past are put right in a measured, balanced and just way.”
“Retirement planning is a long-term project, which needs a secure, long-termist policy and system framework, and pension savers must remain focused on planning for their long-term needs and wants to enjoy the opportunities retirement can bring.”
Steve Webb, Director of Policy at Royal London, commented: "It is deeply disappointing that David Gauke has been moved from his role in charge of UK pensions policy. Pensioners and workers saving for their retirement need someone in charge at the DWP who understands pensions and who has a good relationship with the Treasury. David Gauke ticked both of those boxes and it is very regrettable that he was given just seven months in the role. Once again we have a revolving door of pensions ministers which will deprive us of the stability which such a long-term area requires."