. INTERVIEW with Guy Opperman, UK, Parliamentary Under Secretary of State (Minister for Pensions and Financial Inclusion. There are also serious questions about whether the new defined benefit (DB) funding regime is fit for purpose. He bought a period of stability which meant he was able to get his teeth into a number of initiatives, some more successful than others. Guy Opperman is set to overtake Sir Steve Webb as the longest serving pensions minister since the post was first created in 1998. Todos los derechos reservados. Minister since of departures from the second Johnson ministry And he has made progress in some key areas, laying the groundwork for CDC schemes to be introduced in the UK, moving us five years nearer to pensions dashboards and getting pension schemes to focus more on how their funds are invested from an ESG perspective. Guy Opperman In his letter, which Opperman shared on social media, he said: It has been the honour of my life to serve as a government minister for the last seven years, I was relieved of my duties on the day Her Majesty the Queen passed away. Opperman Guy Opperman is no longer the U.K. pensions minister, he announced Tuesday on social media. Bond! pensions minister His biggest success was probably the Pension Schemes Act 2021 which introduced new duties for those running pension schemes as well as pushing forward pensions dashboards. If you already have an account please use the link below to Guy Opperman. "Whilst we have not always agreed with all of his ideas, we have never doubted his energy, determination and enthusiasm for the role and his clear desire to improve pension provision. One of the benefits of Oppermans long tenure is that he was able to build up a wealth of expertise and clearly demonstrated his passion for improving pensions. By Jack Gray 20/09/22 Guy Opperman is no longer the UK's Pensions Minister following Prime Minister, Liz Trusss, ministerial reshuffle. The Hexham MP is joined by fellow Conservatives MP Laura Trott MBE, parliamentary under-secretary of state, and MP Tom Pursglove in new Prime Minister Rishi Sunak's government. Most FTSE 100 firms have no DB pension build up, Industry fears Opperman's work will go to waste, Government sets out Solvency II reform package, Chancellor urged to avoid reducing pension incentives, Reforms cut risk margin and overhaul eligibility rules for matching adjustments, 2021 measure to freeze LTA set to raise twice as much for HMT as originally thought, TPR, FCA and Maps say members are at increased risk amid economic uncertainty, Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013. 1d. New York, NY 10017-4036, Chicago Office We are currently asking for your kind donations to make PPI sustainable. Guy Opperman It has been the honour of my life to serve as a government minister for the last seven years, he said, thanking his parliamentary and civil service colleagues for their support. In the wake of the U.K. bond crisis, how big of a concern is liquidity for your plan? Elected Leader. Some underpayments run into many thousands of pounds and stretch over several years. Nicky Morgan and Amber Rudd were announced as co-chairs of the caucus, and Damian Green and Nicholas Soames as board members. 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. Main Office WebGuy Opperman was appointed Minister of State at the Department for Work and Pensions on 27 October 2022. Guy Opperman Writing on Twitter Capacity crunch warning as industry plans rev up, Professional Pensions journalist from 2016-2022, Just completes 260m deferred-heavy buy-in, Slow and boring? Pensions can be a challenging topic, with many different angles. Pensions minister Guy Opperman has resigned, becoming the 51st MP to quit their government role as calls grow louder for the UK prime ministers leadership to end. 130 E. Randolph St. I will continue to work Despite the long-term nature of pensions, the role of pensions minister has often been used as a springboard into the Treasury. The new pensions minister will have a lot on their plate with many issues vying for attention. His five years in the role has made him the longest serving pensions minister, followed by Sir Steve Webb who held the position between 2010 and 2015. Opperman announced his return as a Parliamentary Under MP for Sevenoaks Laura Trott has been appointed as the new pensions minister as part of prime minister Rishi Sunaks latest reshuffle. Copyright (c) 2022. International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. Guy Opperman returns to DWP. In March 2019, the caucus was formed by a group of between 40 and 50 Conservative MPs. 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Opperman agreed to return as pensions minister a day later, until the new leader was elected. As reported by our sister title, Pensions Age, he was the longest serving Pensions Minister in He helped shepherd auto-enrolment through its first decade with enormous success -over 10m people have been brought into workplace pension saving, she said. 130 E. Randolph St. Industry Voice: Cyclical Outlook key takeaways - Prevailing under pressure, Webinar: Retiring in Turbulent Times: Supporting members to make the right decisions. During Prime Ministers Questions on Wednesday, Tory MP Guy Opperman urged Truss to carry out a nationwide mail out campaign to encourage the reduction of energy use. As a result, I have respected the period of mourning until after Her Majestys funeral. pensions 685 Third Avenue Guy Opperman The leadership contest is over, and the new team, and new prime minister, is entitled to choose their personnel to take matters forward. Opperman Steve Webb, partner at U.K. investment consultant Lane Clark & Peacock, said in a separate statement that "after years of a revolving door for pensions ministers, it has been good to have a period of stability under Guy Opperman.". Read the latest written content from our community covering ESG and Sustainable Investment, took over from Sir Steve Webb as the longest serving pensions minister on 11 June this year, pensions and financial inclusion minister, Inflation surge set to double LTA tax hit on pension savers, Members at increased risk of scams, watchdogs warn, Autumn Statement 22: The pension items to look out for, Autumn Statement 22: All quiet on the pensions front. Trott replaces Alex Burghart who was briefly appointed to the role under Liz Truss. contact our customer service team. Opperman today (20 September) said he was "relieved of his duties" on 8 Long-serving pensions minister Guy Opperman has also returned to his role in the Department for Work and Pensions, suggesting that there will be a degree of continuity in government pensions policy. Week in politics: Sunak tries to take it steady, reshuffle roles Guy Opperman Mr. Sunak's predecessor Liz Truss relieved Mr. Opperman of his duties during her brief tenure that ended Monday with her replacement by Mr. Sunak. No news, articles or content may be reproduced in part or in full without express permission of International Adviser. Pensions and financial inclusion minister Guy Opperman. Pensions dashboards will revolutionise the way people interact with their pensions. Guy Opperman reappointed as pensions minister On the go: Guy Opperman has been appointed as a minister of state at the Department for Work and Pensions, a little over a month after being let go as pensions minister. If you have any problems with your access or would like to request an individual access account please Senior pensions and retirement analyst at Hargreaves Lansdown, Helen Morrissey, said Opperman brought much needed stability to the pensions brief after something of a revolving door policy at the DWP. contact our customer service team. Guy had some big issues to get moving to change the UK pensions landscape and his frustration came out towards the end with the glacial progress of a leviathan like industry. New York, NY 10017-4036, Chicago Office He helped shepherd auto-enrolment through its first decade with enormous success -over 10m people have been brought into workplace pension saving, she said. Longest serving pensions minister Guy Opperman has lost his roleafter being in the post for the pastfive years. At Prime Minister's Questions on Wednesday, however, Pensions Minister Guy Opperman asked Ms Truss about having a nationwide mailout campaign on cutting energy usage. Your email address will not be published. Mr. Opperman became parliamentary undersecretary of state for pensions and financial inclusion within the Department for Work and Pensions in June 2017, and in July became the longest-serving minister in the role. Minister Trott will join former pensions minister, Guy Opperman in the DWP, who was reappointed as a minister of state at the end of October. Chair of AgeWage , non-executive chair of Pension Playpen. Industry players all praised the stability Opperman brought during his tenure, while also highlighting the challenges he faced, as well as all that remains to be done to bring the pensions sector forward. Pension policy has been a hive of activity in recent years, and theres still much unfinished business, but a new minister will bring fresh thinking. In Pensions Minister Guy Opperman returns, U.K. government unveils new DB funding and planning regime, DB plans in U.K. continue to shrink, Isio finds, 'Unprecedented' bond yields lift U.K.'s PPF pension funding level in August. Guy Opperman Guy Opperman His departure will leave a question mark over upcoming reforms in the sector, including regulations for the new DB funding code, auto-enrolment expansion, the single code of practice, and the Pensions Regulators notifiable events regime. U.K. Prime Minister Rishi Sunak appointed three ministers in the Department for Work and Pensions Thursday, including Guy Opperman, who had served as parliamentary undersecretary of state for the department from 2017 until September. In a statement released today (September 20), Opperman said he had been relieved of his duties on September 8, but delayed the announcement to respect the period of mourning for Queen Elizabeth II. Opperman David Cameron. Technical director at independent consultancy Broadstone, David Brooks, said Oppermans tenure was compromised by parliamentary time being hoovered up by Brexit and Covid related issues. Eligible pensioners urged to claim Pension Credit to help with cost Consumers urged to cut energy use this winter - BBC News We hope there will be a smooth transition to the new pension minister, who will need to get up to speed quickly. Opperman announced his reappointment as parliamentary under secretary of state at the Department for Work and Pensions on Twitter on July 8, a day after resigning from his post when he said the government could no longer function and asked prime minister Boris Johnson to step down from office. In a letter in early July addressed to the then UK prime minister Boris Johnson, Opperman announced his resignation as pensions minister, which has led to the pensions industry signalling that Oppermans work over the past five years could have gone to waste. In June 2022, Opperman overtook Steve Webb as the longest serving pensions minister since the role was created. In July 2022, Opperman resigned for a mere day following the collapse of Boris Johnsons government to then take back the role while waiting for a new prime minister to be named. WebWork and Pensions; Secretary of State for Work and Pensions: Mel Stride: Minister of State Tom Pursglove: Minister of State for Work and Welfare: Guy Opperman: Parliamentary Under Secretary of State Mims Davies: Parliamentary Under Secretary of State Laura Trott: Parliamentary Under-Secretary of State for Lords Baroness Stedman-Scott Pensions Opperman, the MP for Hexham, was minister for pensions and financial inclusion between June 2017 and September this year, when he was replaced in the role by Burghart. You are currently accessing Professional Pensions via your Parliamentary Under-Secretary of State for Pensions and Financial Inclusion: Guy Opperman MP: June 2017 September 2022 Parliamentary Under-Secretary of State for Welfare Delivery: Will Quince MP: 8/7/22. All rights reserved. This June, he became the longest serving minister in the role. Chicago, IL 60601, Pension Benefit Guaranty Corp. approves another special assistance application, Ontario Teachers marks down $95 million investment in FTX to zero, PennPSERS approves litigation, emergency consultant search related to investment reporting error, Sponsored Content: Real Assets: Meeting The Moment, The Institutional Investors Guide to ESG Investing, Climate Change: The Inescapable Opportunity, 2022 Defined Contribution East Conference, 2022 Future of Work - The Next Generation, U.K. Mr. Sunak also appointed Tom Pursglove as a minister of state for DWP. Guy Opperman - Wikipedia In June 2022, Opperman overtook Steve Webb as the longest serving pensions minister since the role was created. Stride had previously serviced as a Treasury minister and Chair of the Treasury Select Committee and shown a key interest in ESG issues. 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". Choose your news we will deliver. | Do you expect the pandemic to have a tailwind or rather a headwind effect on the low-carbon transition pace, taking into account the concerns expressed by some For further expert opinions please use the question-level hyperlink. The DWP has also been under increasing pressure with widespread issues of people not receiving their state pension on time or being underpaid, she added. Minister since 2017, Opperman has spearheaded multiple pensions policy initiatives, including dashboards, collective defined contribution, superfunds, and simpler statements. Mr. Opperman had previously resigned July 7 as part of a wave of departures that led to then-Prime Minister Boris Johnson stepping down, and then he returned to his post as pensions minister July 8. Kate Smith, head of pensions at Aegon, added: Guy Opperman was the UKs longest serving pensions minister, serving in the role for just over five years. Guy Opperman reinstated as Pensions Minister WebGuy Thomas Opperman (born 18 May 1965) is a British politician serving as Minister of State for Employment since October 2022. Published by Bonhill Group Plc, 29 Clerkenwell Road, London, EC1M 5RN. 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