Dr Altmann becomes Minister of State (Minister for Pensions) at the Department for Work and Pensions and will help to lead pension reform policy. She said recently that she supported most of the government's pension reforms and the Conservative's commitment to pensions.

Earlier in the day, Treasury Financial Secretary David Gauke MP had been reported as being in line for the role while other reports before the election suggested that Dr Altmann had turned down the job in favour of a role as Consumer Protection Minister. Mr Cameron appears to have changed her mind.

In a major signal that pensions policy will remain on track in line with recent pension reforms, Iain Duncan Smith MP has been reappointed as Work & Pensions Secretary, a move widely seen as continuing his welfare reforms and the government's overall committment to pensions policy.

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Ros Altmann has campaigned for many years on pensions and retirement issues, often standing up for groups of disenfranchised pensions. She describes herself as an independent expert on later life issues – particularly pensions and retirement policy, investment, savings, annuities and social care funding.

She is an economist by training and worked in fund management in the City for many years. She has advised Governments, regulators, industry bodies, corporates, finance firms, trustees and consumer groups and was director-general of Saga Group from 2010 to 2013.

She was recently appointed a CBE for services to pensioners and pension provision and is the UK Government's Business Champion for Older Workers.

She started her career as an academic at University College London, London School of Economics and at Harvard University, researching and publishing on UK pension policy, occupational pensions and retirement.

In other appointments already announced, George Osborne continues as Chancellor, and may soon announce an emergency budget to deal with deficit reduction, and Sajid David MP has been announced as business secretary, replacing Vince Cable who lost his seat.

Michael Gove becomes Justice Secretary and Nicky Morgan continues as Education Secretary and Minister for Women and Equalities.

Theresa May MP continues as Home Secretary and Priti Patel MP becomes Minister for Employment and attends Cabinet.