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Steve Webb MP

Pensions Minister

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Stories involving Steve Webb

Workers 'must brace for 67+ pension age'

Workers must brace themselves for a state pension age of 67 or older becoming the norm, a leading thinktank has warned. In a report published yesterday, the Organisation for Economic Co-operation and Development said that "67 – or higher – is becoming the new 65", while the Association of British Insurers warned of a "chronic savings gap". Lib Dem Pensions Minister Steve Webb responded: ‘It is vital that our pension system remains sustainable for the 21st century."


Webb makes it easier to 'grow big fat pension pots'

The Government wants to removes complexities from the pensions system in order to abolish short service refunds for defined contribution occupational schemes, which leave people without the full value of their pension. Outlining the moves Steve Webb, the Pensions Minister, said he wanted to make it as easy as possible for employees to "grow big fat pension pots".


UK benefit reform 'four years away'

Junior minister Steve Webb has has said that Iain Duncan Smith's plans for reforms to Brtiain's benefit system may not happen for four years. Lib Dem MP Mr Webb told activists at their party conference what he called long-term reforms of the system must not be dropped in the rush to save money.


Controversial pension reforms revisited

Private sectors workers could lose inflation protection on their pensions, The Financial Times reports. The Government is said to be looking into implementing reforms considered "too unpalatable" a decade ago. Pensions Minister Steve Webb said that the changes could help reduce employers' costs and prevent the closure of defined benefit plans.


Pension transfer rules face changes

Millions of people will find it easier to combine small pension pots from previous employments under a proposal being considered by insurers, the Financial Times reports. The Association of British Insurers is working with the Department of Work and Pensions to lighten the current regulatory requirements. The Pensions Minister, Steve Webb, has said that he wants to make it easier for people to bring together small pension funds to create "big fat pots". The news comes as a report published today shows that those with private pension may be up to 30% worse off compared with those who finished work before 2008.


Women's pension concessions likely

The Government is set to offer concessions to the 2.6m women adversely affected by controversial pension changes which mean they have to wait two years extra before claiming their pensions. The Government are reportedly thrashing out plans which are set to reduce the time they will have to wait to between 15 and 18 months. Pensions minister Steve Webb yesterday told the Lib Dem conference that the "crucial thing for us is fairness" on women's pensions.


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