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Former Pension Commissioner Drake appointed to PADA

Former Pensions Commission commissioner Jeannie Drake has been appointed non-executive director of the Personal Accounts Delivery Authority from September 17.

She will be working alongside Paul Myners who was recently appointed chairman of PADA which will be responsible for getting personal accounts up and running and for ensuring employers meet their new obligations.

Drake currently serves on the board of the Pension Protection Fund, the Equal Opportunities Commission, and the Employment Appeals Tribunal and was commissioner on the Pensions Commission between 2002 and 2006.

She also has experience in the private sector and is currently a pension scheme trustee for both O2 and Alliance and Leicester.

Drake has also held a number of trade union posts including deputy general secretary of the National Communication Union and president of the TUC.

She has been Deputy General Secretary of the Communications Workers’ Union since 1995, where she specialises in IT and telecommunications.

Recruitment for a chief executive and other appointments to the board is under way.


‘RDR should be more radical’

The retail distribution review should be more radical and aggressive, says Beachcroft Regulatory Consulting managing director Richard Hobbs.Speaking at a panel debate at Osney Media’s financial services distribution summit in London last week, Hobbs said public policy has not created a framework in which advisers can make money and the RDR presupposes that industry practitioners […]

Towry Law quits Aifa in RDR row

Towry Law is tearing up its Aifa membership, saying it is fundamentally opposed to the organisation’s views on the future of the industry and can no longer support it.In a scathing attack, chief executive Andrew Fisher brands Aifa as backward-looking and says the acronym should stand for “Amalgamation of Ignorant Flat-Earth Advocates”.He attacks Aifa’s defence […]

Royal Liver plans new look for with-profits

Royal Liver is to launch a new-style with-profits investment product in the new year.It has over three million with-profits policies on its books but says interest in traditional WP funds has dried up. Chief executive Steve Burnett says investors are still attracted to stockmarket-linked investments that offer smoothing.He says: “We have stopped making old-style with-profits […]

Marr says RDR fails to address key issues

The retail distribution review is doing nothing to address the problems of millions of people in poor-performing closed funds or those getting poor annuity rates or the widening protection gap, says The Red House director Gareth Marr.Speaking at Osney Media’s financial services distribution summit in London last week, Marr also attacked proposals for customer-agreed remuneration. […]

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]


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