I am amazed that otherwise decent and respectable insurance companies soil their reputation in this way. Their lust for excess profits from their rip off charges in the DC pension business mean they defend the indefensible and attack new better value ideas such as "Collective Defined Contributions schemes".
You are forced to conclude that the senior managers of insurance companies are far more concerned with their inflated pay and bonuses than the interests of their poor (in the true sense of the word) policy holders.
Personally, I hope a future Labour Government will break up this cartel and separate the insurance and pension industries. There are clear conflicts of interest.
Hat tip Newham's own Nigel Stanley at TUC Touchstone