Opperman leaves pensions ministry
September 30, 2022
Pensions Minister, Guy Opperman, has continued his turbulent summer of resignation, reinstatement, and removal from the position. After supporting former Chancellor Rishi Sunak during the leadership race with the newly appointed prime minister Liz Truss, Opperman was relieved of his duties in the latest ministerial reorganisation within Westminster.
Opperman stated on Twitter that he has been relieved of his duties on the 8th of September 2022.
Opperman’s career spanned numerous seismic political events. These included the coronavirus pandemic and the departure from the European Union, but his service was finally halted following the recent race to the pole position within the Conservation party.
Upon his dismissal, Opperman noted a variety of successful endeavours during his parliamentary career, and the progress he has helped pioneer as the pensions minister.
These include the Pensions Act 2021, originally the Pensions Bill in 2019, which helped facilitate the introduction of the Task Force on Climate-related Financial Disclosure (TCFD). Additionally, Opperman’s role out of auto-enrolment has led to over 10 million people being involved in workplace pensions. Opperman’s looked prosperous, with the coming introduction of pension dashboards, and increased funding.
Opperman brought needed stability to his role. His dismissal will be felt harshly across the country and within parliament with his successor, Alex Burghart MP, having big shoes to fill following Opperman.
Moving forward, a slew of challenges face his successor. A reduction in relief, caused by recent tax cuts will ultimately lead to a reduction in pensions for low earners. This will make pensions far less desirable in the impending future, and Opperman’s successor will need to keep opt-outs to a minimum to maintain the success of Opperman’s schemes.
Furthermore, Burghart will have to deal with the crumbling of the sterling, as many current pension holders will have reduced purchasing power across the globe. Alongside these social issues, it has been stated that the incredible growth of ESG, will prove to be a large aspect of the economy, and industries related to pensions moving forward.
The combination of both the growing social and economic pressures indicates an interesting future for the Pensions ministry.
Last Updated: 30 September 2022