Who is the new Pensions Minister?

Since the formation of the new Government under Liz Truss’ premiership, there was a wholesale reshuffle – a reappointment – to the Cabinet. Chancellor Rishi Sunak was replaced by Kwasi Kwarteng, for instance, in the days following the new prime minister’s election as Conservative leader.

The reshuffle also saw Guy Opperman replaced as Pensions Minister by Alex Burghart. Opperman had been in the role since 2017, and often made strides to making pensions greener, including his work on ESG regulations and through the Pensions Schemes Bill of 2020. This Bill attempted to provide regulators with more powers to tackle scams, introduced the pensions dashboard and, according to Opperman, would increase climate change disclosure.

Pensions Minister Alex Burghart is the Conservative MP for Brentwood and Ongar, and before his ministerial appointment gained experience serving on the Work and Pensions Select Committee. The role of a Select Committee in UK Parliament is to investigate and examine a department’s work, ranging from spending, policies and administration. This suggests that Burghart should have a working and intimate knowledge of the department’s structure and current pension issues - including an understanding of the previous pension policy.

Burghart was also a special advisor to Theresa May during her term as prime minister.

How Alex Burghart navigates the role of Pensions Minister remains to be seen. He will have to contend with recent and existing policies that have been designed to encourage pension engagement, such as the Pensions Dashboard, but will be expected to apply his own stamp and bring a fresh perspective to pensions. Sir Steve Webb, a previous pension minister, argued that proactive change is needed from this government: “When new ministers are appointed there is a risk that they simply roll forward everything that their predecessors had set in train. But a change of leadership offers a unique opportunity to reassess priorities – something which is urgently needed.

Burghart's recent voting record suggests that he, at least until now, has been a more conservative voice on issues such as green energy and social issues - both crucial contributors to ESG investments.

If you’re interested in Alex Burghart’s political stance and how his ideas might affect you and your pension, check out his voting record at https://www.theyworkforyou.com/mp/25659/alex_burghart/brentwood_and_ongar

This site collates every vote an MP makes on a multitude of issues, and can be a useful indicator of their values.