The current Pensions Minister Torsten Bell MP will retain his post following the appointment of new Prime Minister Andy Burnham.
If Mr Bell had been replaced, as many ministers have been in the ministerial changes, the new minister would have been the third in the dual Department for Work and Pensions and Treasury role in just two years.
Mr Bell was first appointed in January 2025, taking over from Emma Reynolds MP who was appointed to the post in July 2024 before being promoted to Economic Secretary at the Treasury.
Former Pensions Minister and partner at consultancy LCP, Steve Webb, welcomed the reappointment.
He said: “A revolving door in this key post creates uncertainty and instability in the industry. Instead we have seen the reappointment of someone who has clearly engaged with the post and sought to bring a clear strategic direction to pensions policy.
“We can now expect to see the ‘pensions roadmap’ set out earlier in July implemented with vigour. In particular, we can expect to see new areas like retirement CDC given continued impetus.
"And, once the Pensions Commission has reported early next year, it is highly likely that a new Pensions Bill will be brought forward in 2027 to implement its key findings and to set the agenda for pensions for decades to come. It is to be hoped that we are seeing a new and welcome era of certainty and continuity in pensions policy.”
Adam Cole, retirement specialist at Quilter, also welcomed the reappointment.
He said: "Pensions policy requires a genuinely long-term perspective. Decisions taken today can affect savers decades into the future, so continuity of leadership is important. With a significant programme of reform already underway, including implementation of the Pension Schemes Act, retaining the minister responsible provides a greater degree of certainty for both industry and consumers.
"That is not to say the sector will agree with everything Torsten Bell stands for. He has previously been an advocate of a more interventionist approach to pensions policy, whether in relation to pension investment, consolidation, retirement outcomes or broader taxation. Some of those previously tabled ideas from his time at the Resolution Foundation have generated concern across parts of the industry, particularly where they could limit consumer choice or place additional constraints on how people access and use their retirement savings.
"The real test now will be whether continuity in personnel is matched by continuity in policy. The pensions sector needs a period of stable and predictable reform rather than constant speculation about the next change. Keeping Torsten Bell in post provides an opportunity to deliver that, even if there will continue to be robust debate about the direction of travel."
Mr Bell has a background in economics and for nearly 10 years ran the Resolution Foundation, which aims to produce policies aiding lower and middle income earners.