Pensions Advisory Service chair forced to resign after declaring bankruptcy

Blog Insolvency

The chair of the Pensions Advisory Service has stood down from his position after being declared bankrupt, a report has revealed.

Museji Takolia, also chair of the Wye Valley Health Trust, will be forced to leave both posts immediately unless he can annul the bankruptcy.

Reports say he was made bankrupt in July and stood down from his Pensions post in September. It is understood that his absence has not been revealed until now, 11 weeks after he was declared bankrupt.

He had been described as “a champion of slavers” following his appointment at the Department of Work and Pensions (DWP) earlier this year.

Health Service Journal, an industry publication, has described Mr Takolia as being on “special leave”, but will only return to his post if he is able to withdraw the bankruptcy.

Meanwhile, the Pensions Advisory Service has appointed Ann Harris, a former civil servant, to be its interim chair.

Responding promptly, a spokesperson for the DWP said: “Once notified we took the first opportunity to appoint a new acting chair. The role of chair does not include the day to day running of the organisation.”

Mr Takolia has previously held a number of high-profile public service positions, including a place on the board of OFSTED, and was awarded a CBE in 2011 for services to diversity and equal opportunity.

It is understood that his property development company, Invest-Eq, made a pre-tax loss of more than £40,000 in 2015/16.

He is also a director of communications company Intellicomm, whose accounts are almost a year overdue.