Monday, November 07, 2016

Pensions boss described as 'a champion of savers' stands down after bankruptcy

The chair of the Pensions Advisory Service has stood down from his position after being declared bankrupt. Museji Takolia will have to leave the post unless he can annul the bankruptcy. He was made bankrupt in July and stood down in September.

His absence has not been revealed until now. He was appointed to his position earlier this year by the Department of Work and Pensions, who described him as "a champion of savers". The Pensions Advisory Service offers independent advice about both private and company pension schemes.

It is grant-funded by the DWP with paid pension specialists, but it also relies on hundreds of volunteers around the country. Mr Takolia, 55, is described as being "on special leave" but it is inderstood that he will only return to his position if he is able to discharge the bankruptcy.

His appointment to the job as TPAS chair followed a recruitment process led by a search agency. He was offered the job on January 19, and started formally on February 1st. Mr Takolia is the owner of a property development called Invest-Eq, which made a pre-tax loss of more than £40,000 last year. He is also a director of a company called Intellicomm, whose latest accounts are nearly a year overdue.

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