The industry saw significant senior appointments across the pensions and employee benefits sector in 2025, as firms expanded leadership teams, revived advisory capabilities and strengthened their defined contribution and workplace savings strategies. Moves from newly created roles to senior internal promotions all reflected a year of organisational change and market repositioning.
Aegon appointed head of Master Trust
At the top of the year Aegon appointed Antonia Balaam to the newly created role of head of Master Trust. Balaam had 28 years of experience in actuarial and DC pension consultancy to her role leading Aegon’s client relationship teams. She continued reporting to workplace commercial director Nick Roy.
Balaam said at the time: “I am thrilled to take on this new role. I look forward to bringing our employers and Trustee Board closer together, driving innovation to ensure we deliver the best possible outcomes for our members.”
Aitken joined revived KPMG DC consulting team
Also in January KPMG named former Isio director Will Aitken as its head of DC pensions and financial wellbeing, signalling the firm’s possible re-entry into the pension advisory market. Aitken joined Isio in 2023 after nearly eight years at Deloitte and nearly nine years as a senior consultant at WTW. The appointment came four years after KPMG’s pensions advisory practice was spun off and rebranded as Isio, following a management buyout. The deal meant that 20 partners and around 500 employees moved to Isio.
Isio was founded with backing from Exponent Private Equity, utilising the expertise and resources of KPMG’s former pensions advisory division to establish its team.
Hymans Robertson appointed head of DC investment strategy
In February, Hymans Robertson strengthened its DC investment team with the appointment of Anthony Ellis as head of DC investment strategy. Ellis reported into Alison Leslie who headed up the team. Ellis joined Hymans Robertson in 2009, having previously worked at Phoenix Group, Lloyds Banking Group and PWC.
He was an equity member in Hymans Robertson, and was instrumental in developing the firm’s DC investment proposition before moving to be the firm’s head of investment consultancy. His new role marked a return to focusing explicitly on the DC market, where he dedicated the majority of his time to supporting investment clients.
At the time, he said: “The DC market is going through a period of enormous transformation and there is an expanding investment universe available for DC schemes, trustees and members to navigate.
“With the Government seeking the views of the DC market to help make real change in the pensions industry, the next few months look set to be an incredibly busy time. I look forward to working with Alison Leslie and Mark Jaffray, amongst others, to use our combined decades of experience to help our clients deliver better outcomes for their members.”
L&G appoints CEO of DC and workplace savings
In March, L&G appointed Paula Llewellyn to the newly-created role of CEO, DC & workplace savings.
Llewellyn was chief customer and strategy officer, retail at L&G and had previously been managing director of L&G’s direct business, encompassing its at retirement and protection propositions, and CEO of financial advice.
In the new role, Llewellyn was set to work across L&G’s retail and asset management businesses. She was responsible for the combined growth of L&G’s DC and workplace savings business, ensuring the firm maximised its market leadership and continued to deliver for DC clients and members.
Llewellyn aimed to create a clear strategic vision for the business, ensuring L&G harnessed its distribution strengths, investment capabilities and customer focus. She was due to take up the role from 1 April, subject to regulatory approval.
Aon appointed head of UK retirement
Meanwhile, in June, Aon appointed Ben Roe to be its head of UK retirement, within the wealth solutions division.
Roe, who took up this new role with immediate effect, was a senior partner with Aon and had most recently been its head of defined contribution (DC) consulting in the UK as well as Aon’s global DC wealth strategy leader.
He joined Aon 21 years earlier and had worked with trustee and corporate clients, and across both defined DB and DC pension schemes.
In his new role he reported to Michael Clare, head of Wealth Solutions EMEA at Aon, and to Jane Kielty, CEO of UK, Ireland and South Africa at Aon.
Roe said at the time: “There is currently much change taking place across the UK pensions industry, so it’s an exciting time to take on this new challenge.”
