Possible replacements for the new Secretary of State for Work and Pensions (DWP), following David Blunkett's resignation, are rumoured to include John Reid and Charles Clarke.
The Prime Minister’s Office has refused to either confirm or deny the names stating that it was just speculation and it had nothing to say at this time.
Rumours have been heard throughout the industry linking the names with the post since the news of Mr Blunkett’s departure broke earlier today.
Frank Field MP, the former DWP minister, says: "If the Prime Minister is serious about welfare reform then he will appoint John Reid.
One of the many people who has heard the rumours, John Jory, deputy chief executive of BC&E systems, commenting on the situation with regards to the UK pensions industry says the timing of the resignation is unfortunate with the Turner report due at the end of the month as it would take Blunkett’s replacement a while to get up to speed with the pension issues.
He adds: “We just hope they appoint a replacement quickly so they can act on the recommendations from the pensions commission report as pensions have problems that need to be solved and just talking about them doesn’t do a lot of good we need action.”
John Moret, director of sales and marketing at Suffolk Life, says the timing of the resignation couldn’t be worse with the upcoming publication of the Turner report, however he did suggest that as the Pensions Reform Minister, Stephen Timms MP, there is the hope that there would not be such a huge upheaval.
He says: “The post of Works and Pensions Minister is a bit of a revolving door at the moment. We just hope they don’t appoint someone completely new to the pensions world. There are enough issues involved with pensions to suggest that someone with experience or past experience in pensions and welfare would be appointed.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected].IFAonline
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