Major appointments across UK financial and legal firms

The UK pensions industry is seeing a wave of leadership changes as firms reshuffle teams to meet growing demand in bulk annuities, collective defined contribution schemes, and regulatory challenges. The moves reflect shifting priorities in an increasingly complex market.

Canada Life and L&G reshuffle bulk annuity teams

Canada Life has hired Dominic Moret as managing director for its bulk annuities team, marking a major push into the sector. Moret’s appointment—pending regulatory approval—comes from Legal & General (L&G), where he led origination and execution, driving significant growth in the market. At Canada Life, he’ll set strategy and target expansion as the insurer aims to attract more pension schemes.

Emma Watkins, Canada Life UK’s CEO, called the hire a “real step change” in the company’s ambitions. Moret, in turn, emphasized balancing commercial growth with member and trustee experience. “We’ll build on solid foundations and strengthen relationships with pension schemes and advisers,” he said.

L&G has filled Moret’s old role with Rachel Cutts, who moves from chief of staff for Gareth Mee, L&G’s institutional business CEO. Cutts has led complex bulk annuity transactions and will now oversee origination and execution. John Towner, managing director for pension risk transfer at L&G, noted her “strong reputation” in the market. Cutts highlighted the need for expertise in buy-in transactions and long-term support as the sector evolves.

Shehzad Ahmad has been promoted to principal executive director at Dalriada Trustees, taking over at the start of September. He previously headed sole trusteeship at the firm and worked at Ross Trustees (now part of Independent Governance Group) and the Pension Protection Fund. Bill Galvin, CEO of Dalriada’s parent company, 3173 Group, said the appointment aligns with the firm’s growth plans.

Legal expertise and CDC schemes drive new roles

The push for professional trustees with legal expertise is clear in Independent Governance Group (IGG)’s latest hire. The firm has appointed Andrew McIlhinney, a pensions law partner from DLA Piper, as a trustee director. IGG cited research showing 62% of corporate decision-makers worry about rising pension-related responsibilities, with regulatory change as the top concern.

McIlhinney’s background in pensions law aligns with the growing complexity of scheme rules and buyout options. “Buyout isn’t automatic anymore, and the details of each scheme’s deed and regulations are critical,” he said.

Meanwhile, Hymans Robertson has appointed Laura Branney to lead its collective defined contribution (CDC) practice as providers seek approval from the Pensions Regulator. Branney advised on Arboreum Pensions, a CDC scheme backed by Timpsons and Vestey, which was announced this week. The firm also noted that senior partner Jon Hatchett has obtained a CDC Scheme Actuary Practising Certificate, a rare qualification.

Branney described CDC as a way to “transform retirement outcomes” through scale and risk pooling. “Managing key risks collectively can deliver more sustainable incomes than individual schemes,” she said.

Covenant and legal teams adapt to regulatory shifts

Aon has named Alice Wilmot to lead its UK employer covenant team, succeeding Alex Beecraft, who will remain with the company. Wilmot, who joined Aon in 2024, has advised on covenant issues for over a decade, including a secondment to the Pensions Regulator’s anti-avoidance team. She called employer covenant a “critical pillar” of trustee and corporate decisions, emphasizing the need for integrated advice in a changing regulatory system.

Finally, Squire Patton Boggs has added Helen May to its Manchester team as a director. May returns to the firm after a stint at Eversheds Sutherland and previously worked there for 12 years. Matthew Giles, head of the firm’s Pensions Practice Group, said her appointment strengthens the team amid rising demand for pensions advice. The firm has also hired Small and Alison White in Manchester and Gemma Hanley in Leeds.

These appointments reflect broader trends in the UK pensions sector: firms are prioritizing bulk annuity growth, legal expertise in trustee roles, and adapting to new structures like CDC schemes. The focus on covenant and regulatory compliance shows the industry’s response to evolving member needs and legislative changes.