This stinks, and I can see the endgame. It will not take long for a very bright lawyer to spot that there are a group of employees who have been deprived of their rightful tax relief because a scheme trustee has dumped them in a pension ill-suited to their needs.
Lawsuits will follow, and the scale of the compensation will become a hefty burden.
Better to sort this now, before claims handlers get their way.
Private finance initiatives
You can sense a change coming from insurers. They have realised they have an identity problem.
I wrote a few weeks ago about how investment funds are confronted with the same debate. They need to highlight their value before this bull run ends.
Last week, the big pension companies sat down with Philip Hammond to talk about how all the billions of pounds sitting in institutional funds might be put to better use funding public works.
A government short on cash needs to embrace the insurance and investment industry.
Pension companies should not be ashamed of the role they play here. These types of private finance projects could do wonders for diversified returns in a pension fund.
And you could even dress it up as investment for the social good.
If insurers want to solve their identity crisis, they would do well to show customers how they embrace this kind of opportunity.
People just do nothing
Fund manager A thinks Brexit will be good for income funds. Fund manager B thinks the pound will sink. Hedge fund boss C has made millions already.
So what should the ordinary investor do?
Nothing. We should stop indulging in these short-termist discussions about investment and concentrate on long-term value. No wonder so many investors are turning in to day traders.
James Coney is money editor of the Sunday Times