Frankie Borrell - Head of BPA Origination
Frankie leads our Bulk Annuity Origination team.
Frankie is a qualified Actuary with 15 years' of experience in the bulk annuity market, across both insurers and consultancies. Most recently he was Head of Risk Settlement at Cardano, where the team led the brokering of the £4.8 billion buyout of the Boots Pension Scheme.
Prior to that he worked at three bulk annuity providers across eleven years, most recently at Legal & General where he sat on the pension risk transfer leadership team.
Costas Yiasoumi - Head of BPA Operations
Costas leads the operations and administration teams for our bulk annuity business.
Costas is a qualified actuary with over 30+ years’ experience, much of which has focused on pension risk transfer. His positions at financial institutions have involved advising trustees boards of UK defined benefit schemes and their corporate sponsors, leading and implementing many bulk annuity transactions with insurers.
Prior to Royal London, Costas held senior executive roles leading teams responsible for the delivery of pension risk transfer products. In addition, Costas has chaired various groups for the UK actuarial profession.
Origination team
Our Origination team lead the management of our buy-in transactions and our relationships with consultancies and trustees.
Baljit Khatra - BPA Origination Lead
Baljit is a qualified actuary with over 15 years' of experience in DB pensions, including over a decade specialising in pension risk transfer strategy, broking and execution. He has worked in the risk transfer teams at both Mercer and Hymans Robertson and brings this client-side experience into his role at Royal London. Baljit joined Royal London in 2023 to help build the bulk annuity business ahead of our market entry in 2024.
Beatrice Male - BPA Origination Lead
Bea is a qualified actuary who has originated and led transactions in the bulk annuity sector since 2018. She also has significant experience launching new insurance products and streamlined solutions in the bulk annuity market. Prior to joining Royal London in 2024, Bea worked in Legal & General’s Client Solutions and New Business teams. Bea started her career in life insurance consulting, working at Willis Towers Watson and Milliman UK.
Mark Sharkey - BPA Origination Lead
Mark is a qualified actuary who has worked with defined benefit pension schemes and risk transfer transactions for more than a decade. Prior to joining Royal London in 2024, he worked in Hymans Robertson’s Club Vita business as Head of Pension Strategy, Global. In this role, Mark worked closely with a wide range of pension schemes, consultancies and (re)insurers participating in the UK and North American pension risk transfer markets.
Moin Patala - BPA Origination Lead
Moin is a qualified actuary with 18 years’ experience in the life insurance sector. Since joining Royal London just under 15 years ago, he has held a number of senior roles across Finance, Risk and Audit. Moin moved to the bulk annuity team in 2023, where he has originated and led the execution of multiple buy-ins. He has also worked at PwC and Royal Liver Assurance.
Clodagh Howe - BPA Origination Manager
Clodagh is a qualified actuary with four years’ experience advising defined benefit pension schemes on liability management, endgame planning and longevity risk. She joined Royal London in 2026, having previously worked at LCP as a pension consultant advising both trustee and corporate clients.
Tom Hill - BPA Origination Manager
Tom is a qualified actuary with seven years' of experience working with trustees of defined benefit pension schemes to manage their liabilities and endgame preparations. Prior to joining the BPA Origination team at Royal London in 2025, Tom was part of the Risk Transfer Team at Barnett Waddingham. In this role, he was involved in brokering a range of bulk annuity transactions from under £1 million to £2 billion.
Victoria Smith - BPA Origination Manager
Vic joined the BPA Origination team at Royal London in 2025. Vic has been working with defined benefit pension schemes and their sponsors since 2018. She has been involved in brokering bulk annuity transactions for five years, working on transactions ranging in complexity and size, from £10 million to £2 billion. Vic started her career at LCP and prior to joining Royal London also worked as a Risk Transfer Specialist at Aon.
Operations team
Our Operations team manage all post‑transaction delivery, including leading Royal London’s direct relationship with members at buyout.
James Nicholls - BPA Implementation and Operations Strategic Lead
James leads the Royal London BPA Implementation team, where he's responsible for all post-sale services, ensuring that pension schemes are safely onboarded and that our clients receive an exceptional experience.
James is a chartered accountant and has specialised in the implementation and operation of Pensions Risk Transfer transactions since 2015. In his previous role at Capita, James worked as the Account Director for BPA clients and was responsible for overall account performance.
Prior to this, James held a leadership role in the Standard Life BPA team and was responsible for post-sale client services and operating model optimisation.
Andrew Law - BPA Implementation Manager
Andrew has extensive experience working with defined benefit pension schemes, having begun work in this sector in 1999. He began as an administration assistant, before progressing through roles in technical support, compliance, practice reviews, systems administration and benefits / data readiness reviews for insurance transactions.
For over 25 years he’s worked on both pension schemes administered in-house and through third-party consultancy. Andrew became an Associate of the Pensions Management Institute in 2012 and was recently accepted as a Fellow in 2026.
Joanna Ledgar - BPA Implementation Manager
Jo is a qualified actuary who joined Royal London in 2026. She has worked in the UK defined benefit pensions industry since 2012, advising both pension scheme trustees and their corporate sponsors.
Before joining Royal London as an Implementation Manager, Jo was part of Isio's Pension Risk Transfer team where she brokered multiple bulk annuity transactions and most recently specialised in supporting pension schemes through their post buy-in journey to buyout and wind-up.
Ryan Geraghty - BPA Implementation Manager
Ryan joined Royal London in 2025. He has been working in the bulk annuity industry since 2019, specialising in the onboarding of bulk annuity transactions for both insurers and third-party administrators.
In his previous role at Equiniti, Ryan managed the onboarding and implementation of scheme buyouts onto the Administrator platform. Prior to that, he was part of the BPA team at Standard Life, where he helped define their operational processes and led the transition of several pension schemes to live buy-in.