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Davis heads Govt pension taskforce

The man who kept Prudential out of the range of PIA pension misselling censure has been appointed head of the Government&#39s employer pensions taskforce.

Sir Peter Davis, who is now chief executive with supermarket chain J Sainsbury, has been named as the chairman of the Department for Work and Pensions&#39 taskforce proposed in the Pension Green Paper.

The taskforce is a body set up to draw on companies&#39 experience to identify and promote employer-led solutions to increasing pension saving.

Davis was group chief executive at Prudential from 1995 to 2000, when the life company escaped pension misselling fines and public criticism from the regulator by remaining regulated by SIB rather than the PIA after it was set up in 1994.

Davis eventually brought Prudential under PIA regulation in April 1998 after reported pressure from then Treasury economic secretary Helen Liddell over its conduct of the pension review.

Pensions minister Andrew Smith says: “There is no doubt that people retiring today with the best pensions have been helped to do so by their employers. I want the taskforce to provide me with advice on the role of the employer in the pensions partnership. Sir Peter Davis&#39s extensive business experience will be a valuable asset in helping to make a success of pension provision.”

Informed Choice managing director Nick Bamford says: “He was there when Pru stayed with SIB rather than suffer the public disgrace of the PIA.”

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