Team size: 83 lawyers across the UK, US, and Asia

Key Team Members: Geoffrey Timms, Maria Alvarez-Scott, Helena Hawthorn, Harriet Gallagher-Powell, Rosie Sears, Sean Galvin

What significant projects or deals has the legal team worked on in the past year? Can you provide examples of successful outcomes or major accomplishments? 

This year, our team delivered the UK’s largest single buy-in by premium size with the Boots Pension Scheme, securing £4.8bn in benefits for 53,000 members. We also completed a series of transactions with the British Steel Pension Scheme, worth a total of £7.5bn, which fully insured member benefits. Another significant project was the launch of the L&G Private Markets Access Fund, offering our 5.2 million defined contribution (DC) members diversified exposure to private markets. 

We secured £500 million in co-investment and welcomed the Greater Manchester Pension Fund to our Bruntwood SciTech joint venture, driving innovation hubs and science campuses across the UK. Additionally, we expanded our partnership with Ancora in the US, securing life sciences and tech growth opportunities near major universities. We also launched the L&G NTR Clean Power (Europe) Fund to offer exposure to clean power infrastructure, and committed £100 million to ImpactA Global, a women-led impact investment firm, for sustainable infrastructure in emerging markets. 

The legal team also played a crucial role in navigating the Liability Driven Investment (LDI) crisis, providing insight for the House of Lords’ review and ensuring the business prioritised clients while formulating future regulatory best practices. 

How does the legal team collaborate with other departments within the company? 

Our legal team is involved in all major projects and transactions across the business. Positioned at the centre of the Group as part of the C-Suite, we have a direct line to the Group CEO and play an active role in key Boards and Committees. This provides us with firsthand insight into the company’s strategy, allowing us to connect seamlessly with different departments. Our role extends beyond legal advice—we help shape strategic direction and act as stewards of the company’s 188-year heritage. 

By demonstrating our ability to accelerate initiatives with practical solutions, we have secured a trusted position with senior executives. Our team has also cultivated strong internal networks, as several members have worked across departments. For example, Rosie Sears led the launch of the L&G NTR Clean Power (Europe) Fund by collaborating with client solutions, operations, finance, and transaction teams to deliver this new infrastructure product. 

We also prioritise talent development, focusing on diversity and leadership. The Group General Counsel’s leadership team comprises four women, reflecting our commitment to promoting and retaining female talent. Additionally, members of our team have successfully transitioned into senior commercial roles within the company, such as Managing Director of the Asia Asset Management business and CEO of one of our insurance businesses. 

How does the team stay updated with changing regulations/sanctions, ensure compliance, and handle legal landscape or industry trends? 

Our team sees its role as “seeing around corners,” anticipating how regulation, geopolitics, and global trends might impact the business. We focus on key areas like geopolitics, climate change, social inequality, an ageing population, and AI. 

In addition to staying up to date with legal developments through regular training and partnerships with our panel firms, we maintain an open dialogue with regulators, including the FCA and PRA. Our team regularly engages with them and leads negotiations during disputes. We also collaborate with Policy and Corporate Communications teams to monitor external geopolitical factors, allowing us to feed into external communications and decision-making. Our extensive experience enables us to exercise sound judgement when navigating uncertain regulatory landscapes, and we are trusted by senior management for our proven track record. 

By participating in key committees such as Boards, Investment Committees, and Risk Committees, we ensure that the legal perspective is always part of the decision-making process. This integrated approach helps us stay ahead of changes and guide the business effectively through the evolving regulatory environment. 

Are there any team members with expertise in niche areas that are critical to the company’s operations? 

Our team operates with a highly collaborative culture, where each lawyer supports all business divisions. A niche but critical area of our business is the global Pension Risk Transfer (PRT) market, which deals with corporate defined benefit (DB) pension plans across the UK, US, Canada, and the Netherlands. L&G aims to write over £60bn in PRT business by 2028, adding to the £60bn already written since 2018. This growing area is crucial for the company, as it generates future profit and permanent capital to support asset management growth. 

The legal expertise behind the PRT business, led by Helena Hawthorn (General Counsel, Institutional Retirement), is a standout within the industry. Helena’s team, consisting of seven highly experienced lawyers, has overseen 33 PRT deals in the UK, Bermuda, and the US, managing the associated reinsurance negotiations. Their deep expertise and transactional experience are key drivers of the company’s success in this specialised market, helping L&G invest in socially valuable assets while ensuring shareholder returns.