ReAssure is a ‘life and pensions consolidator’, taking on blocks of policies from other companies rather than setting up new ones for new customers. Equipment is up-to-date and well maintained. Legal and General has sold off just over a million closed book policies to reinsurer Swiss Re. When your account is ready to be activated we’ll send you a letter. We’re delighted you’ve joined us from Legal & General. That transfer was the result of an agreement signed in December 2017, under which ReAssure agreed to purchase the Business for £650m. By continuing to use our website, you consent to us using these cookies. The 1.1 million life policies, which consist of with-profit, unit-linked and savings products, will be transferred to ReAssure from Legal & General Assurance Society Limited, part of the L&G Group. We currently offer a Pension Annuity, Cash-Out Retirement Plan, or Fixed Term Retirement Plan to ReAssure customers. Legal & General and ReAssure have now confirmed the transfer of the Portfolio Plus Self-invested Personal Pension (SIPP) and Portfolio Plus Pension is taking place on 7 September 2020. LG With Profits Fundor LGWPF means the separate with profits fund that ReAssurewill maintain following the transfer of the business of the With Profits Fundto ReAssure. If you register to use the ReAct portal, you’ll be able to tell us about any scheme leavers through this. We’re sending a welcome letter to everyone who’s joined us from Legal & General. Before the transfer, you needed a SIPP bank account if you were taking income drawdown. Shares in Legal & General fell 1.1% to 261p on the news. If you have a bond or savings plan and you’re interested in setting up regular withdrawals, you should read our guides on natural income and bonus linked withdrawals. Customers who are only invested in insured funds should use the following contact details: Customers whose SIPP is wholly or partially made up of self-investments should use the following contact details: Remember to quote your policy number when you contact us. We’ll automatically send you information about the options that ReAssure can offer your members approximately seven months before this date, and again approximately three months before this date. I receive regular payments from my pension or life policy on the 29th, 30th or 31st of the month. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. We’re currently experiencing high volumes of calls so we’ve put more people on our phones. who wish to move their pension These policies will be managed by ReAssure, a market-leading UK closed life book consolidator within the Swiss Re Life Capital business. This means HMRC will have to re-check your current tax code. Once you’re registered on ReAssure Now you’ll also be able to contact us by secure message. Continue Please see confirmation of this in the ‘Transfer Certificate’ which can be found under the ‘Important documents’ section of our … If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. We’ll send members’ statements on your scheme anniversary, so you can then forward on to your members. This may be a bit more or less than usual, but is unlikely to be applied beyond your first drawdown payment. If you’re 55 or older, we’ll send it six months before your birthday. In this letter, we’ll also explain how we plan to reinvest your outstanding balance (if you have one). If you have a life policy, we’ll send your annual statement on your policy anniversary. Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General. Will I still be protected by the Financial Services Compensation Scheme? If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. Investment Objective: ReAssure LG Distribution Fund (A) G16 The fund is a well balanced portfolio that aims to generate and distribute stable, rising income and offer good growth prospects. This will have an effect on your policies, meaning you’ll get more annual statements and letters than before. As well as this scale and experience, we’ve been awarded an A+ (Strong) rating by leading ratings agency Fitch who noted, “…ReAssure’s rating reflects the insurer’s strong business profile and profitability and very strong capital position.”. Are there any other changes to my SIPP I should know about? This means, for example, if you’re due to get paid on the 30 November, you’ll now get paid on the 1 December. Legal & General right to tell big companies to act on climate change . For trustees or administrators of a pension scheme. Anyone affected? We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. Why is it so difficult to get through to ReAssure? Legal & Generalmeans Legal and General Assurance Society Limited, and any other Legal & General group company as applicable. In the meantime we may have to apply emergency tax. For more information, our Facilitated adviser charge guide is available here. Shortly afterwards I needed to change my email address. My annuity income is paid directly into my bank account. Previously your stocks and shares ISA was managed by Legal & General (Unit Trust Managers) Limited (UTM), and your insurance part was administered by Legal & General Assurance Society (LGAS). If you’d prefer to be paid on another date (between the 1st and the 28th), please contact us. This means you’ll get a letter about your income from the with-profit part of your annuity, as this is linked to your bonus. In addition, most customers will also get an opening statement from us or will already have received a closing statement from Legal & General. ReAssure only collects Direct Debits on dates from the 1st to the 28th of the month. Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General. We’re inviting eligible customers to access ReAssure’s secure online portal – ReAssure Now. Will my life policy increase in the same way? We expect this to be the case for most transferring annuity customers. Please note this does not affect ReAssure Life Limited or former Barclays Life customers. Please note: Origo Transfer Service can only be used by platforms, third-party administrators, providers, SIPP & SSAS providers and other organisations. You have a joint life policy and both people on the policy live at the same address. You’ll have access to either a Scheme Relationship Manager or our Scheme Relationship Team who will support you with any queries. You can also email us at advisersupport@reassure.co.uk. If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. ReAssure will issue commission statements that contain the information you need. We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. Transferring all of your ISA to another ISA provider, Making additional ISA investments (subject to ISA rules), Investment queries about your ISA holdings. If you want to continue to pay your contributions on your current frequency, you can register to use the ReAct portal. Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays. Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. We’re introducing customers to LV= for annuity quotes, but we don’t directly control their products and services. Find out more about Origo Transfer Service >. ReAssure has now taken the place of LGAS for your insurance cover and the ISA will continue to be managed by UTM. LV= is responsible for the information provided within their site. This could affect the tax you pay on your income, so you may want to check with a tax adviser or regulated Financial Adviser if you’re affected by this. We've done our best to avoid complex jargon, but take a look at our jargon buster if you need more explanation on any terms we use. If you’d like to know more about ReAssure you can read about us here. Why is this? We’ll need your agency number for any questions about commission. The easiest way of getting in touch with our specialist Adviser team is by calling us on 0800 073 1777. £1 trillion fund manager pressures firms on diversity, climate change. This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. Once the money has been received by ReAssure, L&G UTM are no longer liable for it. What is a life and pensions consolidator? You no longer need to request retirement packs when your members are approaching their selected retirement date. What does this mean for existing ReAssure customers? Will this change under ReAssure? It's important to shop around and get as much guidance and advice as you need before you make any decisions about what's best for you. Facilitated Adviser Charges. Regular payments for a fixed term to maximise tax efficiency. This means the High Court hearing to consider the transfer has also been deferred, and that ReAssure and Legal & General will also apply to adjourn the scheduled hearings in the Royal Court of Guernsey and Royal Court of Jersey. We cannot pay on the 29th, 30th or 31st of the month, so if you’re currently paid on any of these dates we’ll move your payment date forward to the 28th. These include new limits for some types of income drawdown and – for customers invested in the Aegon platform – confirmation that your Aegon platform annual charge can be deducted directly from your SIPP. However, it may mean you receive two payments in the same month. 7 Sep 2020. My Pensions were transferred from Legal and General in September. The Legal & General Group is a long-standing provider of annuities and ranked among the FTSE top 100 companies. In transfers like this it can be just as important to look at what’s staying the same: When you think of a life and pensions company, your first thought is probably of a firm you can set up a new investment or pension insurance policy with. Your FMISA is split into two parts – a stocks and shares ISA which builds up a savings pot designed to pay off your mortgage, and an insurance part which provides you with insurance cover. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. ReAssure will issue commission statements that contain the information you need. If you don’t use ReAct, you can tell us about scheme leavers by post, phone or email. The Corporate Counsel will work with various departments and aim to reduce risk through extensive attention to detail and document revision and offer guidance on employment law…counsel and guidance on legal matters and on legal implications of all matters; Participates in the due diligence of Mergers and Acquisitions Provides legal… ReAssure will issue an annual statement covering key parts of all elements of your plan. We’ve also created a general Q&A for Legal & General customers which you may find helpful here. Legal and General handled my pension well for many years, but shortly before my chosen retirement date I found myself transferred to the hilariously inappropriately named ReAssure. To process work efficiently, we won’t normally provide updates while your request is being worked on. If you choose to wind up the scheme at a future date, we’ll confirm the options available so you can confirm the options available to your members in line with your scheme rules. I’ve received more than one welcome mailing pack from ReAssure. A general power of attorney gives the agent broad powers to perform many legal acts on behalf of the principal. How should I contact ReAssure after the transfer? If this applies to you, and we think you can do without your SIPP bank account, we’ll write again shortly after the transfer. Since we began over 50 years ago we’ve taken on policies from several companies, including Barclays, HSBC, Guardian and now Legal & General. Will this change under ReAssure? We’ll send a letter each year to tell you what increase we’re going to apply, and when. All the bonus information for each member will be contained within the annual statement, so you’ll no longer receive a separate bonus notice as well. We cannot pay on the 29th, 30th or 31st of the month. In 2017, L&G announced it would sell its insurance-based savings, pensions, life and with profits business to ReAssure (Photo: Legal & General) I can’t find my policy or policies / I have fewer policies than before. Swiss Re's ReAssure group will take on around 1 million L&G retail customers You can make these requests and find a larger choice of downloadable forms here. Are you going to write to me? The frequency of commission payments remains unchanged. Money invested will continue to be managed by Legal & General Investment Management, so the performance of your policy will be the same as it would have been had you stayed with Legal & General. Legal & General (L&G) is to sell its mature savings business to Swiss Re for £650m. If you’re including customer data please make sure you encrypt your message. By transferring to ReAssure you’re joining a company that now looks after over 3 million policies for our customers, with total investments of around £70 billion – making us the sixth largest life and pensions company in the UK. If you don’t need an immediate reply you can contact us at a later date, or use our online contact form. For customers with a Self-Invested Personal Pension (SIPP). You’ll also get a separate letter if you’ve chosen to get rising income (income that goes up each year) from the non-profit part of your annuity. If your scheme is paying contributions and you’ve registered for the ReAct portal, you’ll be able to access additional copies of your member’s statements here. : In November my L&G stakeholder pension (c.£260k) is going to be moved to ReAssure as part of a sale and transfer of all such products. Most new business comes from word-of-mouth. Legal & General is responsible for the information provided within their site. If your pension pot has a Guaranteed Annuity Rate (GAR), Guaranteed Minimum Pension (GMP) or other guaranteed annuity option you should call us free on 0800 008 3034 instead. There will be some changes to how your scheme will be administered: Will there be any changes to how I pay my contributions? If you’ve received a letter asking you to activate your secure ReAssure Now account, you can read our ReAssure Now Frequently Asked Questions for more information and help with activating your account. Will the transfer have any effect on it? There is no change to your terms & conditions, or the features, values and benefits that your policy provides. If you’re contacting us about a customer, please make sure you quote the policy number, or have it to hand if you call us. This gave us a short period before the transfer date, meaning that some customers won’t hear from us until a little while after the transfer’s taken place. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out. If you need to speak to someone you may get through quicker by avoiding peak times, so try calling us before 10.30 or between 3 and 5.30 pm. More than 3,000 customers in … Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. The business is being acquired by the ReAssure division of reinsurer Swiss Re, although Legal & general will continue to manage the funds. A life and pensions consolidator is different. The Legal & General Group is a long-standing provider of annuities and ranked among the FTSE top 100 companies. A lifetime annuity that is guaranteed to pay you a regular income for the rest of your life. All FMISA premiums will now be collected by ReAssure using Direct Debit. You will not get a separate P60 from Legal & General. Business News. ReAssure will continue to offer new business where applicable to transferring Legal & General products, however no new commission is payable for advice given in respect of new business top ups, regular premium increases or indexation (except for Group pensions). We appreciate this may not be quite as convenient, but each letter will clearly reference the policy, or policies, it covers, and we’ll be happy to answer any other questions you have. There are a few reasons why you might have received more than one pack: Will I continue to get a single letter covering multiple policies? More than 800,000 policies transferred to ReAssure so we needed to send our welcome letters in batches, but we could only start sending after the transfer was approved by the High Court. When you take money from your FMISA the request will go via ReAssure to L&G UTM, and your money will be paid from L&G UTM to you via ReAssure. We use cookies to make it easier for you to use our website. If your Direct Debit is collected between these dates, there won’t be any changes to how your payments are collected and allocated. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. Prudential Regulation Authority and the Financial Conduct Authority I haven’t received anything from ReAssure yet. This means HMRC will have to re-check your current tax code. ISA funds will be passed to UTM on the same day they’re received by ReAssure and your money will be invested using the daily unit prices immediately following receipt of the instruction. From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. This means we’re experts in the type of transfer you’ve just gone through. Possibly the worst company I have ever dealt with. Legal & General to sell its closed Mature Savings business to Swiss Re for £650m Legal & General Group Plc ("Legal & General") announces that it has today reached agreement to sell its Mature Savings business to the ReAssure division of Swiss Re Ltd ("Swiss Re") for £650m. I wonder if anyone here is similarly affected, and if so, what your thoughts are? You can find information about commission statements and payments here. Some customers who currently receive capped drawdown income (on the 29th, 30th or 31st) will have their payment date moved back to the 1st of the following month instead. Sole advisers will receive commission payments directly and a commission statement. Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. Its With-Profits fund was closed to new business with effect from 31 January 2015. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. Your client just needs to visit our Contact us page to find out how to get in touch, or to download our Change of personal details form. ReAssure and Legal & General have jointly agreed to defer the transfer, which was scheduled for 4 November 2019 (subject to High Court approval). If you’re having problems accessing ReAssure Now, or you just need more information about it, we have some answers here. Business has a strong, repeat and loyal customer base of car dealers, municipalities and general mix of businesses. The agreement reflects Legal & General’s commitment to the annuities market and is the fourth of its kind for the FTSE 100 financial services company, following similar arrangements with AEGON, ReAssure and Sun Life Financial of Canada. Legal & General offloads with-profits savings arm and its 1million customers to reinsurer Swiss Re for £650million. To find out how you can not pay on my annuity income is directly... 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