Collapsing scenery in and around Downing Street has sparked fear in the pensions industry, as the resignation of pensions minister Guy Opperman brings important reforms to a halt.

Opperman announced his resignation on the morning of July 7, becoming the 51st MP to quit their government role in protest at prime minister Boris Johnson’s leadership.

In his resignation letter, Opperman spoke of his pride at the reforms he stewarded during his five-year tenure as pensions minister, including the Pension Schemes Act 2021.

He added there was “much more reform I would have liked to have done,” but that he had been compelled to step down and asked for the prime minister to follow suit.

A number of further reforms were indeed planned, and several are in relatively late stages of development, such as regulations for the new defined benefit funding code, auto-enrolment expansion, the single code of practice, and the Pensions Regulator’s notifiable events regime. But the future of these reforms is now in doubt, as ministerial resignations have brought things to a standstill.

An industry dismayed

Reaction from across the industry was characterised by alarm and dismay, and warnings that, unless order is quickly restored, further delays to important pension reforms could cause significant damage.

Former pensions minister and LCP partner Steve Webb, with whom Opperman feuded, nonetheless praised the “stability” the now-former minister brought to the role, arguing that he “deserves credit for taking things forward in key areas”.

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