Edged out: Pension policy now firmly in Treasury's grip

Steve Webb assesses the power shift

clock • 3 min read

Has anyone (apart from avid Westminster watchers) spotted the transfer of pension policy power from the DWP to the Treasury? Steve Webb explains why it represents an important shift

In the recent past, lead responsibility for pensions policy has been split between two government departments - HM Treasury and the Department for Work and Pensions (DWP). The Treasury led on things like tax relief and personal pension saving, while DWP was focused on the state pension and on occupational pensions. Each department had a corresponding regulator - the Financial Conduct Authority (FCA) dealing with things like financial advice and the sale of individual savings products, and The Pensions Regulator (TPR) overseeing trust-based occupational pensions and the implementation ...

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

Many savers fear smaller pension pots after salary sacrifice reforms

Many savers fear smaller pension pots after salary sacrifice reforms

Two-thirds think changes will mean paying more National Insurance

Jasmine Urquhart
clock 08 January 2026 • 2 min read
Evolution of pension recommendations and how 2026 may influence change

Evolution of pension recommendations and how 2026 may influence change

Next year could be the start of something big

Richard Hulbert
clock 06 January 2026 • 4 min read
Preparing for 2029: Adapting to the Budget's salary sacrifice cap

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

Steve Charlton
clock 22 December 2025 • 3 min read