‘Lamborghini’ pensions minister joins Royal London

Steve Webb, the former Lib Dem pensions minister who suggested retirees should be allowed to spend their savings on Lamborghini sports cars, is to join mutual insurer Royal London.

Webb, who lost his seat in the Commons at the May general election, is to take up the new role of director of policy and external communications at the Scottish Provident owner.

The UK’s longest-serving pensions minister sparked controversy last year when, referring to reforms aimed at giving people more freedom about how they access their retirement savings, he said: “If people do get a Lamborghini, and end up on the state pension, the state is much less concerned about that, and that is their choice.”

In his new job, Webb will oversee Royal London’s public relations and public affairs activity, although parliamentary rules prevent him from any direct lobbying activity for the first two years of his appointment.

Royal London chief executive Phil Loney said: “Having debated public policy issues with Steve during his tenure as pensions minister I know that he shares Royal London’s values and is a supporter of our customer-owned business model.

“His strong background in public policy and experience in government will be invaluable to Royal London as a thought leader on a wide range of financial issues affecting today’s consumer, during a period when building a savings culture is near the top of the public policy agenda.”

Webb, who described his new role as “exciting”, takes up the position on 9 November.