He will officially step down from the group’s board at the next annual general meeting on 21 May 2015. The company said he had given a long notice period in order to “facilitate a smooth and orderly transition”.
Nigel Wilson, group CEO, will work closely with Mr Pollock to seek a replacement and a further announcement will be made in due course.
Mr Pollock’s career at the firm has included a variety of senior posts in IT and customer services, sales and the UK operations, as well as serving overseas as managing director for Asia and chief executive of protection and annuities, where he doubled the scale of the annuities business.
As chief executive for Legal & General Assurance Society he is responsible for protection and savings, which provides over 6m individual customers and over 8,000 corporate schemes with life insurance, general insurance and savings plans.
Last summer he moved to oversee the new combined savings and protection business, in which the wholly owned Cofunds platform now sits, as part of a group restructure.
He also led the campaign to cap charges at 50bp for auto-enrolled pensions and for the abolition of unfair charges such as the “Active Member Discount”. Under his leadership, Legal & General has gained more than 1m auto-enrolled employees and is a leader in the sector.
Legal & General Chairman John Stewart said that Mr Pollock’s combination of commercial acumen and commitment to customers was what set him apart.
“He not only firmly believes insurance is a force for good, but he has worked hard to make sure that this ethos is reflected in our products and services, and that all our employees share his vision.”
Mr Pollock added that it was a hard decision to retire from an organisation such as L&G.
“I have huge faith that L&G will continue to succeed and that the belief in “doing the right thing” will carry this company’s great leadership culture onwards and upwards.We have a really great team and I will miss them.
“L&G has been a passion for me for 35 years and despite it being right for me to step away now, I know I will miss it.”