Law & Regulation

Rachel Reeves, the former Bank of England economist and HBOS analyst, has been given the position of shadow pensions minister within Douglas Alexander’s new team

The Leeds West MP, who was first elected to parliament in May, confirmed her appointment at a meeting in the House of Commons this morning.

Also in Douglas’s shadow work and pensions team is former pensions minister Stephen Timms, as well as Karen Buck and Margaret Curran.

At the time of the shadow team’s announcement, Reeves said: “It is a privilege to have been given a junior shadow ministerial role in Ed [Milliband’s] team.

“The massive changes to the system being introduced by the Department for Work and Pensions must be implemented fairly – and I am determined to provide responsible opposition for this.”

Reeves worked as an economist at the Bank of England and the British Embassy in Washington between 2000 and 2006. She then worked as an analyst at Halifax Bank of Scotland, now part of the Lloyds Banking Group.

Ben Stafford, account director at lobbyist Cicero, said the pensions role was now one of the most important within the shadow cabinet given the number of ongoing industry reviews.

On the auto-enrolment and Nest review, Stafford said: “There is a great opportunity to get people into the habit of saving – but that in itself will not be enough. It is also vitally important people are educated so they understand the value of pension saving.”

Reeves previously fought the seat of Bromley and Chislehurst in the 2005 election having joined the Labour party aged 16.