Treasury pension policy takeover 'profoundly concerning', Steve Webb warns

Ex-pensions minister alarmed by 'Treasury takeover'

clock • 2 min read

The "almost total takeover" of pension policy by the Treasury has been described as "profoundly concerning" by ex-pensions minister and Royal London director of policy Steve Webb.

Speaking at the ILC-UK's Retirement Income Summit, Webb said scrutiny of pension policy during the last government was largely done in the House of Lords where the government does not have a majority and can be defeated. However, Treasury is now exerting more influence over pensions and its legislation is not generally scrutinised by the Lords. He gave the example of the Lifetime ISA (LISA) which has been included in a Finance Bill and so will not be scrutinised in this way. "The Treasury sees itself as a savings department rather than a pensions department which is a profoundly conce...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Govt reportedly considering introducing a £2,000 salary sacrifice annual cap

Joseph Warne
clock 14 November 2025 • 4 min read
Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Chancellor has 'decided against' cutting pension lump-sum withdrawals

Jonathan Stapleton
clock 10 November 2025 • 4 min read
MPs warned against changes to salary sacrifice pensions

MPs warned against changes to salary sacrifice pensions

SPP says scrapping salary sacrifice would lead to reduction in employees’ take home pay

Martin Richmond
clock 07 November 2025 • 4 min read