Core Viewpoint - Legal & General Group plc (L&G) has appointed Gareth Mee as Chief Executive Officer of Institutional Retirement, effective December 1, 2025, succeeding Andrew Kail, who will become Group Chief Financial Officer, pending regulatory approval [1][3]. Group Overview - Institutional Retirement is L&G's largest division, managing a global annuity portfolio valued at approximately £96 billion as of HY25 [3]. - The division aims to execute £50–65 billion in UK pension risk transfer transactions from 2024 to 2028 [3]. Leadership Background - Gareth Mee is currently the Chief Investment Officer for Institutional Retirement and joined L&G in 2022 as Chief Financial Officer of L&G Capital [4]. - Prior to L&G, Mee spent nearly twenty years at EY, leading various investment advisory and actuarial practices [5]. Executive Comments - António Simões, Group CEO, expressed confidence in Mee's leadership to enhance L&G's position in pension risk transfer [6]. - Andrew Kail highlighted Mee's significant impact on L&G's investment strategy and client results [6]. - Mee expressed enthusiasm for his new role and commitment to delivering innovative solutions for pension schemes [6].

Core Viewpoint - A federal judge dismissed a pension risk transfer case against AT&T but acknowledged that the plaintiffs had standing to sue, indicating a complex legal landscape for plan sponsors [2][3][4]. Group 1: Case Dismissal and Legal Standing - The case, Piercy et al v. AT&T Inc. et al, was dismissed based on the insufficiency of the plaintiffs' substantive claims rather than on standing, which is considered unfavorable for plan sponsors [4]. - The plaintiffs have filed a motion to amend their complaint, suggesting that the court's decision is not a complete victory for plan sponsors [3]. - The judge noted that the question of whether the plaintiffs had standing was a "close question," indicating the legal complexities involved [5]. Group 2: Allegations and Financial Implications - The lawsuits allege that AT&T's choice of Athene Annuity and Life Co. for an $8.05 billion pension risk transfer jeopardized the financial security of 96,000 retirees [4]. - The complaints also claim that State Street, as AT&T's fiduciary adviser, would benefit from the selection of Athene, raising concerns about fiduciary responsibilities [4]. - A spokesperson for Athene characterized the claims as frivolous and driven by predatory trial lawyers, emphasizing the company's stance on the legitimacy of the pension risk transfer [5].