Pensions Minister, Torsten Bell, has reportedly been appointed as a key aid for the Chancellor, Rachel Reeves, ahead of the Autumn Budget. 

Reports from The New Statesman suggested that Bell is seen as one of Labour's "sharpest minds", although it clarified that Treasury sources said that Spencer Livermore, Treasury Financial Secretary and a former No 10 strategy director, would remain Reeves’ closest ministerial colleague.

The news has sparked renewed speculation ahead of the Autumn Budget, with the International Monetary Fund (IMF) recently warning that the government will need to make "difficult decisions" to rebuild fiscal buffers given the UK's ageing population.

Pensions is one area that is thought could face further change, with rumours around this gaining momentum following the rise of Bell, with specific reports that Reeves is set to consider cutting the tax-free pension lump sum.

This comes amid a time of significant change in the pensions industry, with a "landmark" Pension Schemes Bill already working its way through parliament, and further legislation on reforms such as collective defined contribution (CDC) also expected.

The news has also sparked growing speculation over Bell's future in politics, with an update from William Hill revealing that Bell's odds of becoming the next Chancellor has shortened from 7/2 to 5/1.

“Bell is a clear second favourite at 7/2, from 5/1, having been as big as 20/1 when the market opened, and could shorten further if Reeves comes under pressure in the coming months," William Hill spokesperson, Lee Phelps, said.

“As a result of the move on Bell, long-time favourite to be Reeves’ replacement, Pat McFadden, has drifted out to even-money, having recently been an odds-on 10/11 shot.”

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