Torsten Bell has been reappointed to his role as pensions minister in Andy Burnham's new cabinet.
Bell was first appointed to the role in January 2025 as part of a Cabinet reshuffle. He was previously chief executive of the Resolution Foundation from 2015 to 2024.
Industry experts overwhelmingly welcomed Torsten Bell's reappointment, arguing that continuity in the role will provide the stability needed to deliver the government's long-term pensions reform agenda. While there is broad support for maintaining momentum on initiatives such as pensions dashboards, collective defined contribution (CDC) schemes and retirement adequacy, some caution that the industry will continue to scrutinise Bell's more interventionist policy approach and wants stable, predictable reforms that improve outcomes for savers.
Steve Webb, former pensions minister, said: “It is good news that we are not to see a third new pensions minister in barely two years. A revolving door in this key post creates uncertainty and instability in the industry. Instead we have seen the reappointment of someone who has clearly engaged with the post and sought to bring a clear strategic direction to pensions policy.
"We can now expect to see the ‘pensions roadmap’ set out earlier in July implemented with vigour. In particular, we can expect to see new areas like retirement CDC given continued impetus. And, once the Pensions Commission has reported early next year, it is highly likely that a new Pensions Bill will be brought forward in 2027 to implement its key findings and to set the agenda for pensions for decades to come. It is to be hoped that we are seeing a new and welcome era of certainty and continuity in pensions policy.”
David Brooks, head of policy at Broadstone, commented: “Given the significant pensions policy agenda currently flowing through the Pension Schemes Act alongside other reforms, it is pleasing to have continuity for the sector.
“There is a big opportunity – through the expansion of CDC, unlocking surplus capital and delivering pensions dashboards to name just a few – to make a tangible difference to workers, savers, providers and UK plc.
“Pension policy is a long-term game which needs focus and consistency to ensure the current reforms are implemented in a way that will deliver a sustainable, trusted retirement savings framework for the millions who depend on it in later life.”
Zoe Alexander, executive director of policy and advocacy at Pensions UK, said: "Torsten has shown he can deliver ambitious reform as a pensions minister, and we are glad to see him stay in post to see that through. Maintaining momentum will be critical to delivering better outcomes for savers.
“We look forward to continuing our engagement with Torsten Bell and ministers across DWP and the Treasury on our shared priorities of strengthening retirement outcomes, improving pension adequacy and building a pensions system that works for both savers and the wider economy."
Adam Cole, retirement specialist at Quilter, commented: "The decision to keep Torsten Bell in the pensions brief is, from a stability point of view, positive. The role of pensions minister has too often felt like a revolving door, with ministers frequently moving on just as they begin to get to grips with the complex challenges facing the retirement system.
"Pensions policy requires a genuinely long-term perspective. Decisions taken today can affect savers decades into the future, so continuity of leadership is important. With a significant programme of reform already underway, including implementation of the Pension Schemes Act, retaining the minister responsible provides a greater degree of certainty for both industry and consumers.
"That is not to say the sector will agree with everything Torsten Bell stands for. He has previously been an advocate of a more interventionist approach to pensions policy, whether in relation to pension investment, consolidation, retirement outcomes or broader taxation. Some of those previously tabled ideas from his time at the Resolution Foundation have generated concern across parts of the industry, particularly where they could limit consumer choice or place additional constraints on how people access and use their retirement savings.
"The real test now will be whether continuity in personnel is matched by continuity in policy. The pensions sector needs a period of stable and predictable reform rather than constant speculation about the next change. Keeping Torsten Bell in post provides an opportunity to deliver that, even if there will continue to be robust debate about the direction of travel."
Calum Cooper, head of pension policy innovation at Hymans Robertson, added: "Torsten Bell's reappointment as Pensions Minister is welcome news for the pensions industry. With a substantial programme of reform already underway, the continuity provides an opportunity to maintain momentum and focus on delivery. We have seen significant progress across a range of policy areas, from pensions adequacy and retirement outcomes to productive finance and pensions dashboards. The priority now should be turning proposals into tangible improvements for savers.
"Automatic enrolment and the state pension have given millions greater financial security in later life. But participation alone is no longer enough. We need a stronger focus on outcomes. That means implementing the outstanding AE reforms, setting a clear long-term path towards higher saving levels and ensuring pension policy reflects the reality of modern working lives. The self-employed, lower earners, carers and those with multiple jobs should not be left behind. The government also needs a plan to get people on the path to adequate retirements before pensions dashboards expose the scale of the challenge.
"The Minister should also focus on unlocking the full potential of peoples’ £3trn pension savings. Better retirement outcomes and stronger economic growth should go hand in hand. The UK has an opportunity to use pensions to support greater investment, make better use of DB surpluses, encourage more collective approaches to retirement saving and improve financial resilience. Housing must be part of the conversation too, given the impact it has on retirement adequacy. This is a chance to deliver reforms that improve financial independence in later life while also supporting wider prosperity and long-term growth across the UK."
