He will be responsible for developing the company's Pru Fund products, as well as looking after the five million customers of M&G’s heritage business.

Mr Bolton has extensive experience of the life and pensions market having spent more than a decade at Aviva Life UK, including five years as managing director of retirement solutions.

At LV he is currently managing director of protection, savings & retirement.

He will join M&G plc in September and become a member of M&G’s group executive committee, reporting to chief executive Andrea Rossi.

Andrea Rossi said: “Clive is a seasoned pension and savings expert having spent most of his career within the sector, working in a number of leading organisations.

“With a proven track record of growing and developing life businesses based around the needs of customers and advisers, Clive brings a broad understanding of the life and pensions market that will be key to supporting our existing customers, alongside the development of new innovative solutions that will underpin our growth ambitions.”

Clive Bolton said: “M&G is an organisation with a long heritage in developing innovative solutions to support corporate and individual clients to manage and grow their savings and investments.”

Last month M&G revealed that Clare Bousfield, the chief executive of retail and savings at the firm, will step down in the autumn, along with David Montgomery, managing director of M&G Wealth.

The company said then it would create two new dedicated chief executive roles to lead its wealth and life insurance businesses.

Mr Bolton will fill one of the roles while abrdn Personal Wealth chief executive Caroline Connellan will become the new Wealth chief executive in September.

Recently parent company M&G announced it was axing 200 jobs, about 4% of the 5,000 total workforce. The jobs will be lost through voluntary redundancies.