Former pensions minister Steve Webb knighted in New Year's honours list
Arise Sir Steve Webb. The former pensions minister has been knighted in this year’s New Year’s Honours List.
A former Liberal Democrat MP, Sir Webb served as pensions minister under the coalition government between 2010 and 2015.
Sir Webb joined Royal London as director of policy after losing his seat in the 2015 general election. His knighthood was given ‘for political and public service’.
He was previously professor of social policy at Bath University specialising in poverty, taxes and benefits.
In November 2016, Sir Webb launched a petition calling for a ban on pensions and investment cold calling. He has also argued against the introduction of a pension Isa. He also famously coined the phrase "Lamborghini pension" when the new pension freedoms were first announced.
His ‘flat rate’ state pension also turned out to be anything but flat rate. The new state pension pays a headline rate of £155.65 a week (2016/17), but not everyone will be eligible for the full amount.
Here are our articles on how to make sense of the new state pension.
10 things you need to know about the new state pension
- Winners and losers under the new state pension
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.