Former pensions minister Steve Webb knighted in New Year's honours list

4 January 2017

Arise Sir Steve Webb. The former pensions minister has been knighted in this year’s New Year’s Honours List.

A former Liberal Democrat MP, Sir Webb served as pensions minister under the coalition government between 2010 and 2015.

He oversaw the introduction of flagship government pension reforms including automatic enrolment into workplace pensions, the state pension triple lock and the new state pension.

Sir Webb joined Royal London as director of policy after losing his seat in the 2015 general election. His knighthood was given ‘for political and public service’.

He was previously professor of social policy at Bath University specialising in poverty, taxes and benefits.

In November 2016, Sir Webb launched a petition calling for a ban on pensions and investment cold calling. He has also argued against the introduction of a pension Isa. He also famously coined the phrase "Lamborghini pension" when the new pension freedoms were first announced.

However, while pensions minister, some of Sir Webb’s pension ideas did not make it to fruition. These included ‘defined ambition’ pensions and the resale of annuities.

His ‘flat rate’ state pension also turned out to be anything but flat rate. The new state pension pays a headline rate of £155.65 a week (2016/17), but not everyone will be eligible for the full amount.

Here are our articles on how to make sense of the new state pension.



Add new comment