Steve Webb, the longest serving UK pensions minister, has lost his parliamentary seat in the country’s general election.
(Steve Webb, Pensions Minister)Webb, who had held the role since 2010, failed to hold on to
his Thornbury & Yate constituency, it was announced today. He was one of 47
Liberal Democrat MPs to lose their seats in what the party’s leader called a “cruel
and punishing night”. Despite consistent polls suggesting a close-run contest,
the Conservative party easily took enough seats to win an overall majority and
will form the next government.
“When I got up this morning I thought I would have the same job tonight and so I’ve not planned my next move,” said Webb in response to his defeat, according to local newspaper Bristol Post.
Since the creation of the ministerial role to oversee pensions in 1998, some 10 parliamentarians have held the position. With a five-year tenure, Webb had by far the longest time in the office.
“It will no doubt be a great disappointment to many within the pensions industry to learn that Steve Webb has lost his seat in the election and will no longer be able to continue his work now as pensions minister,” said Malcolm McLean, senior consultant at pension consultants Barnett Waddingham.
“His legacy will be huge in terms of the changes he introduced for auto-enrolment, state pension reform, and freedom and choice for pensioners.”
—Joanne Livingstone, Punter SouthallDuring his time in the department, Webb oversaw sweeping
changes to the UK’s pension landscape, which included the disposal of
compulsory purchase of annuities for retirees.
“Steve Webb was greatly admired for being unfailingly knowledgeable and approachable to members of the pensions industry,” said Joanne Livingstone, principal at consultants Punter Southall. “His legacy will be huge in terms of the changes he introduced for auto-enrolment, state pension reform, and freedom and choice for pensioners.”
The Liberal Democrats retained just eight parliamentary seats and party leader Nick Clegg resigned from his post this morning. Shadow pensions minister Greg McClymont also failed to retain his seat as an MP for the Labour party. The Conservative party must now choose a pensions minister from its ranks.
“There are no immediately obvious candidates and it would be unfortunate, given the many pension challenges that still exist, if the new minister was someone with little or no experience of pensions, as was sadly evident prior to Steve Webb’s tenure,” said McLean.
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