Pensions expert and economist Dr Ros Altmann has been appointed the new pensions minister, taking on the role from Liberal Democrat MP Steve Webb, who lost his seat in the general election.

Her appointment comes as this year's pension reforms are in their early stages.

National Association of Pension Funds chief executive Joanne Segars said the NAPF welcomed the appointment at a time when pensions are a "hot topic".

"Pensions were a hot topic during the election campaign and will no doubt continue to be of interest – they are a complex topic where seemingly minor changes have major ramifications," she said.

"We are looking forward to working with Dr Altmann and want to share our expertise to negotiate the tough challenges that lie ahead – some of which may require difficult decisions."

Ms Segars added that the NAPF urged the new minister to consider the benefits of an independent commission.

"By providing impartial and independent expertise and analysis a commission would allow the minister to make policy that stands the test of time," she said.

The Conservative party had announced plans before the election to make Dr Altmann the minister for financial consumer protection, a specially-created role.

As part of the role, she would undertake a review of financial fairness and extending financial guidance to younger savers as part of the Consumer Protection brief - it is unclear how these initiatives will now be carried forward.

Some experts said they were not surprised that she had been switched to a different role in the new government.

"It never made sense to have Dr Altmann as a consumer protection minister clearly involved in addressing pension issues in the House of Lords as well as a separate pensions minister operating from within the Commons," said Malcolm McLean, senior consultant with Barnett Waddingham, the consultancy.

"The risk of overlap of roles and/or a division of responsibilities was self-evident and having promised Ros a position prior to the election Cameron probably felt committed to give her the job," he added.

David Fairs, chairman of the Association of Consulting Actuaries (ACA) suggested Dr Altmann's experience would prove valuable in the new job.

"Ros is well attuned to both the private pensions market and the aspirations of the public in terms of pension outcomes and delivery of service," he said.

First published 14.05.2015

Lindsay.sharman@wilmingtonplc.com