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

DWP publishes state pension age communications action plan

DWP publishes state pension age communications action plan

Government confirms plan to develop strategy with ‘timely’ and ‘modern’ communications

Martin Richmond
clock 25 June 2026 • 4 min read
Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann says pension funds could be a 'silver bullet' to revive UK growth

Baroness Ros Altmann
clock 25 June 2026 • 6 min read
Scottish Widows launches pension tracing tool

Scottish Widows launches pension tracing tool

Some 3.3 million pension pots are 'lost' in the UK

Holly Roach
clock 24 June 2026 • 1 min read