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

Why the real problems of the pensions dashboard are yet to start

Why the real problems of the pensions dashboard are yet to start

'Its aims seem not only less relevant but potentially problematic'

James Floyd
clock 23 June 2025 • 5 min read
Turning data into dialogue: Helping clients visualise retirement realities

Turning data into dialogue: Helping clients visualise retirement realities

'Data is more than just a collection of figures, it's a powerful tool for engagement'

Joshua Croft
clock 20 June 2025 • 3 min read
Average pension transfer took just 11 days at tax year-end

Average pension transfer took just 11 days at tax year-end

Origo says transfer times decreased around tax year-end with half taking seven days or less

Jasmine Urquhart
clock 17 June 2025 • 2 min read