Burghart confirmed as Minister for Pensions and Growth
October 15, 2022
Prime Minister Liz Truss has confirmed Alex Burghart’s appointment as Minister for Pensions and Growth.
The Conservative MP for Brentwood & Ongar has unofficially held the newly-created role in the Department for Work and Pensions (DWP) for the past three weeks but now it has been rubber-stamped by Downing Street.
Burghart’s appointment was confirmed at the Pensions and Lifetime Savings Association Annual Conference on Wednesday (October 12).
He took the opportunity to outline his top priorities in the key ministerial role after succeeding Guy Opperman.
Burghart explained he has already been hard at work with Whitehall colleagues and non-departmental public body The Pensions Regulator to make sure “every bit” of the pension system is supported amid market volatility.
He also highlighted economic growth as a “huge part of this administration’s agenda”.
The former teacher, who has served his Essex constituency as MP for five years, said: “The Prime Minister has charged us all with working out how each department can really help the UK to grow and to get out of the post-covid situation, which has been exacerbated by Vladimir Putin’s war in Ukraine.
“There are a number of things we can do across DWP and I think there are some interesting opportunities.”
Opperman, who was the UK’s longest serving Pensions Minister, revealed on Twitter he was “no longer a minister” following Truss’ ministerial reshuffle.
He supported former Chancellor Rishi Sunak during this year’s leadership race with Truss, and was relieved of his duties on September 8.
Burghart now has some big shoes to fill and faces some huge economic and political challenges.
A reduction in relief caused by recent tax cuts will ultimately lead to a reduction in pensions for low earners.
That will make pensions far less desirable and Burghart will need to keep opt-outs to a minimum to keep the current system in a healthy position.
He will also have to deal with pressure caused by struggling sterling, as many current pension holders will have reduced purchasing power across the globe.
Last Updated: 15 October 2022