Former pensions minister Steve Webb has joined insurer Royal London after losing his seat in May's general election.
Webb, a former Liberal Democrat MP, lost his Thornbury and Yate seat in May as his party suffered a meltdown at the polls.
He made headlines last year after the coalition launched new pension freedoms that removed the need for many to buy an annuity, saying he was 'relaxed' about how savers would choose to use the cash.
'If people do buy a Lamborghini but know that they will end up living just on the state pension, that becomes their choice, and the state is much less concerned about that,' he said.
Webb was the longest serving pensions minister, serving in the role for the entirety of the coalition government, and oversaw the introduction of pensions auto-enrolment and plans for a flat-rate state pension.
He has taken up the role of director of policy and external communications at Royal London. Parliamentary rules prevent him from any direct lobbying activity for the first two years of the role.
Webb said he was looking forward to seeing the implementation of auto-enrolment ‘on the front line’.
‘It is exciting to be taking up a key role with the UK’s leading mutual life, pensions and investment company, especially at a time of such dramatic change in the world of pensions,’ he said.
‘Having been involved in designing policy in areas such as auto-enrolment I am looking forward to seeing how it is implemented on the front line.’
Royal London has previously been highly critical of the coalition government's auto-enrolment policy. Last August, chief executive Phil Loney argued the government had hugely underestimated the hit insurers would take from the introduction of a charge cap on pensions.
Webb's move follows news last month of former shadow pensions minister Gregg McClymont's appointment as head of retirement savings at Aberdeen Asset Management.
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