UK PM Truss names new work and pensions secretary
September 9, 2022
Ahead of new regulation in October to encourage ‘greener pensions’.
Newly elected UK Prime Minister and Conservative Party leader Liz Truss has appointed a new secretary of state within the Department for Work and Pensions (DWP), as pension schemes’ holdings come under increased scrutiny.
Chloe Smith, MP for Norwich North, has been appointed secretary of state for work and pensions by Truss.
She replaces Thérèse Coffey, who has been promoted to secretary of state for health and social care and deputy Prime Minister.
Commenting on her new role, Smith tweeted: “I’m delighted to be asked to serve by the new Prime Minister, my Norfolk colleague and friend.
“We have a bold plan for the serious challenges we face, and I’m excited to lead the Department for Work and Pensions as we get the UK working, building and growing.”
Read Minerva’s previous coverage of pensions ministers:
Smith had been minister for disabled people, health and work at the DWP since 16 September 2021.
In June, the DWP revealed it is bringing in new regulations that will require pension schemes based in the UK to measure and publish how their investments support the Paris Agreement climate goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels.
The new measures are due to be introduced in October this year.
At the time, then secretary of state for work and pensions Coffey said: “We’re paving the way for greener pensions which can offer sustainable returns for members while accelerating our net-zero ambition and supporting local jobs.”
Commenting on the appointment of Smith, Jon Greer, head of retirement policy at Quilter, said there are a number of other pensions projects and policies that need to be completed, including the upcoming pensions dashboard, “which will allow users to see all their pension policies in one place”.
He called for “stability” at the DWP to restore the public’s trust, following a number of changes in the department in recent years.
“Pensions, by their very nature, are long-term and complicated and Smith will need time in the role to ensure that any changes in policy are carefully planned and, crucially, don’t create unintended consequences down the road,” Greer added.
Last Updated: 9 September 2022