They have been appointed following news that directors Chris Little and Philip Skerrett will be heading into retirement.

Mr Thoresen has extensive experience in pensions, financial services and consumer issues, having worked in a range of firms. From 2005 he served on the board of the Association of British Insurers before becoming director general in 2011. He was also chief executive of Aegon from 2005-2011.

He also worked as the independent reviewer for the Treasury Review of Generic Financial Advice - The Thoresen review (2008)- which led to the creation of the Money Advice Service.

Mr Thoresen is also a trustee of Young Enterprise, a charity focused on supporting enterprise and financial education in schools.

Mr Hare has 30 years of experience in UK insurance. In 1988 he qualified as an actuary and has held financial risk management, actuarial and marketing roles. From June 2013- June 2014 Mr Hare was president of the Institute and Faculty of Actuaries and a member of the “Independent Project Board” that oversaw the ABI’s audit of legacy pension schemes.

Helen Webster, chief executive at Aberdeen Life said: “Otto and David are very welcome additions to the board given their extensive experience.”