Legal and General names new origination chief
Legal & General has appointed Rachel Cutts as its new Head of Origination and Execution for its Institutional Retirement business. The company states the move demonstrates its commitment to helping pension schemes secure long-term benefits for members.
Role expands as pension schemes seek more from insurers
The appointment comes as pension schemes increasingly look beyond pricing alone, placing greater emphasis on execution certainty, transition support and member experience when selecting an insurer. Cutts will lead a team responsible for guiding schemes through the transaction process, from initial buy-in to eventual buyout, while ensuring a consistent experience for trustees, sponsors, and advisers.
With nine years at Legal & General, Cutts has built a reputation for understanding clients’ objectives and solving complex challenges. Her promotion reflects the firm’s focus on deepening its expertise in pension risk transfer (PRT), a market that has grown more sophisticated as demand for secure, long-term outcomes rises.
John Towner, Managing Director of PRT at Legal & General, said the appointment highlights the company’s internal talent and Cutts’ standing in the industry. “She combines deep technical expertise with strong commercial judgement and is highly regarded for her ability to build trusted relationships,” he said. “Her leadership will help ensure we continue to deliver the high standards of service that clients value.”
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Market shifts toward long-term partnerships
The PRT sector has seen steady growth as more pension schemes seek to offload risk. Insurers like Legal & General now position themselves as long-term partners rather than transactional providers. Cutts’ role will focus on bridging the gap between origination and execution, ensuring schemes receive consistent support beyond the initial deal.
In previous positions, she played a key role in several high-profile transactions. Her approach, described as client-focused and solutions-driven, aligns with the firm’s broader strategy of offering guidance that extends through the lifecycle of a pension scheme.
For pension trustees, execution certainty means fewer surprises during transitions. A smooth handover can determine whether a deal meets expectations or leaves members with unresolved concerns. Her team will work to minimize disruptions, a task that has become more critical as schemes grow larger and more complex.
Cutts emphasized the importance of a seamless experience. “Clients want a partner that can deliver expertise, certainty, and a cohesive journey,” she said. “I’m looking forward to building on the strong foundation we’ve established and ensuring clients and their members receive support at every stage.”
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Pension schemes may find it easier to engage with insurers, particularly those lacking in-house expertise. The emphasis on execution certainty could reduce friction in major transactions, giving trustees more confidence in their decisions. That confidence might speed up the shift toward buyout, a goal many schemes have pursued for years.
The market remains competitive. Other insurers are also investing in their origination and execution teams, with some offering additional services like member communication support and post-transaction monitoring. Legal & General must maintain its edge without overextending resources as demand rises.
For now, the focus stays on delivering what clients need most: clarity, reliability, and a trustworthy partner. Cutts’ appointment signals the company is reinforcing these priorities even as the market grows more crowded.
A recent surge in subsidence claims has added pressure on insurers to streamline processes for long-term risk management.
