The new Pensions Minister should “hit the ground running” and introduce real change in the sector, it has been said.

Following on from news of Pensions Minster Richard Harrington moving to the Department for Business Energy and Industrial Strategy, the pensions industry have outlined what they expect of the incoming Minister.

Barnett Waddingham senior consultant Malcolm McLean commented that “it is concerning to learn that Richard Harrington, who has been in the post for just under a year, is already moving on without a replacement having been announced.”

Following on from this, McLean added: “We would like to see Mr Harrington’s previous role upgraded to that of full Pensions Minister and if possible, the new post holder to be someone with the knowledge and understanding of pensions, someone who can hit the ground running.”

Old Mutual Wealth head of retirement policy Jon Greer agreed that there is a need for stability in the role. “The role of pensions minister has been used in a game of musical chairs for some time now.

The DWP’s announcement means: “12 ministers have taken the reins on pensions since the turn of the century. Only the football management merry-go-round can compete for short-lived appointments,” Greer emphasised.

In comparison, Greet noted that “Where there has been stability, such as with Sir Steve Webb, the pensions minister until 2015, there was continuity around the delivery of auto-enrolment, which has probably been the single most important measure in decades in terms of promoting a savings culture.”

McLean agreed that the post has seen “constant change – up to the appointment of Steve Webb, who remained for a full five year term”.

Focusing on the policies the next minister should address, Hymans Robertson partner Chris Noon stated: “we’d like to see a fundamental review of long-term saving incentives that genuinely encourages all individuals to save for retirement and long-term care…the taper is a huge disincentive for pension saving for high earners, and their employers, who are being paralysed by the complexity of the system. This needs simplification.”

In addition, Noon expressed the need to retain the triple lock for the “foreseeable future”.

“The Government’s own figures show that the State Pension changes introduced in April 2016 have reduced the long-term costs of the State Pension by £8bn a year including the cost of the Triple Lock. Moving to a “Double Lock” will be the equivalent of a £250 a year reduction in State Pension and will have the most significant impact on low and middle-earners who rely on it most,” Noon said.

Furthermore, Greer suggested that the government should establish a cross-party independent commission. He commented: “Savers and the pensions industry can’t afford for government to make mistakes on key pensions policy and establishing a consultative approach to policymaking via an independent commission would be responsible step for any government to take if they are serious about building a healthy and sustainable savings culture.”

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