Pensions expert Ros Altmann is to be nominated as a Conservative peer and will be appointed as a Minister with responsibility for financial consumer protection and financial education, if the Conservatives remain in government.

The former head of Saga would be responsible for the consideration of charge caps for pension products, improved rights for older consumers, especially in the mortgage market, and promoting competition and innovation for all savers.

In addition, Altmann would be responsible for developing Pension Wise to offer financial education and guidance to working people at every stage of their lives and ensuring finance works well for women and there are no gender or age biases.

Speaking about the appointment Ros Altmann said she has been an independent consumer champion for her entire career. She said until now her work has focused on policy rather than politics, but she is excited to have the opportunity to be more directly involved.

"I passionately believe the new pension reforms, trusting people with their own money, are an essential step to helping everyone make the most of their hard-earned savings,” she stated.

Altmann added the pension reforms will also require a change of mind-set from providers and potentially further action from the government to protect consumers. It will be her job to ensure customers get a better deal.

The Prime Minister said if the Conservatives are re-elected Ros Altmann will be “at the heart of government…to make sure that we make the most of this great revolution in favour of savings and financial security for many in our country."

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