Paula Llewellyn has been named CEO of defined contribution and workplace savings at U.K. financial services firm Legal & General Group, according to a news release.
It is a new position. Llewellyn will start April 1 and will be based in London, subject to regulatory approval.
In June, L&G’s CEO Antonio Simoes set a target of £40 billion ($52 billion) to £50 billion of cumulative net flows into L&G’s DC and workplace business between 2024 and 2028. L&G is the largest DC retirement plan provider in the U.K., with £183 billion in total DC assets under management and 5.5 million participants.
Llewellyn will work across L&G’s retail and asset management businesses, and be responsible for the combined growth of L&G’s DC and workplace savings arms. She will also be expected to lead an end-to-end business to create a clear, strategic vision ensuring the business develops strengths in distribution, investment capabilities and customer focus.
Llewellyn will be moving from her current role as chief customer and strategy officer for retail at L&G, having been in the position since June. She was previously managing director of the firm’s direct business, encompassing retirement and protection, and has been with the firm in some capacity since 2013.
“Pensions are powerful; they are a positive force for societal good as well as long-term investments on which we personally depend,” said Llewellyn in the news release.
"The retirement landscape has evolved drastically in recent years and with the continual shift to more individual responsibility it’s crucial for people across all ages to understand pensions and what they mean for them," she added. "Providing peace of mind and financial confidence for every generation, whatever the future holds, is key."
Established in 1836, L&G had £1.2 trillion in total AUM as of June 30.
