James Jones-Tinsley: “One Minister, Two Guvnors”

I remember seeing the excellent National Theatre production of “One Man, Two Guvnors” in 2014, which was based on the comedy “The Servant of Two Masters”, written by the Italian playwright, Carlo Goldoni, in 1746. The play came to mind again when we (finally) found out who had been appointed as Pensions Minister in the new Labour government, following their General Election victory on 4 July. When I initially learnt that Sir Stephen Timms had been appointed as a Secretary of State for the Department for Work and Pensions (DWP), I immediately assumed that he would take up the role of Pensions Minister for the third time in his parliamentary career. But I was wrong. Instead, Emma Reynolds, the MP for Wycombe, has been appointed as the new Pensions Minister. What is different this time around, however, is that Ms Reynolds has a joint ministerial role across both the DWP and HM Treasury, with her expected to work on pensions policy across both departments. My hope is that, by concurrently acting as minister for two government departments, her appointment will foster a more ‘joined-up’ approach to pension policy across both the Treasury and DWP. Readers will recall how, when it comes to pensions, the two departments have often travelled in conflicting directions, which only serves to generate frustration among providers and advisers. Therefore, having someone who can ‘steer the same rudder’ for both departments is both refreshing and appealing, and will potentially bring coherence in the formulation of policy and legislation. In contrast to the disturbing election-related events taking place in France and, more recently, the United States of America, the transfer of governmental power from the Conservatives to Labour was orderly, uncomplicated and – dare one say – genteel. Indeed, this was amply demonstrated during the King’s Speech, where the current leaders of both parties were seen talking and laughing with each other as they walked together from the Commons to the Lords, to see what Charles III had to say. To the surprise of many, the King’s summary of the various items of legislation to be debated in the new parliamentary session did include a Pension Schemes Bill, and with the summer recess fast approaching, the new Chancellor of the Exchequer, Rachel Reeves, wasted no time in launching a "landmark review" into pensions, “…to boost investment, increase pension pot sizes, and tackle waste in the pensions system.” Ms Reeves’ review is going to be delivered in two stages. The first stage will focus on “productive investment”, including scheme consolidation, encouraging "broader investment strategies", and it will be led by the new Pensions Minister. The second phase, which will begin later this year, will examine “how to improve pension outcomes and increase investment in UK markets.” This builds on the promise contained in the Labour election manifesto, of “a full review of the UK pension landscape”. Following this announcement, the chancellor and the Pensions Minister then chaired a roundtable with the pensions industry to kick-start its engagement with the review. So far, so good. However, it’s still early days and it will be interesting to see how the new Pensions Minister gets on, while spinning her two departmental plates. Let’s just hope she does not suffer the farcical disasters that Francis Henshall, the main protagonist in “One Man Two Guvnors”, experienced - while serving two masters simultaneously. James Jones-Tinsley is a technical specialist at Barnett Waddingham on SSAS and SIPPs practice areas. He also presents to clients, advisers and other professionals on pension matters, liaising with the media on changes to pension legislation. James D Jones-Tinsley FPMI APFS, This email address is being protected from spambots. You need JavaScript enabled to view it.

James Jones-Tinsley: “One Minister, Two Guvnors”

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