From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. Will ReAssure make any changes to when my Direct Debit is collected? When your account is ready to be activated we’ll send you a letter. You shouldn’t notice any change – although we’ll start the process of paying you five days earlier, you’ll still get your money on the same date as before. It’s also important to note that any charges applied to your policy will be unaffected by this change. Please note: Origo Transfer Service can only be used by platforms, third-party administrators, providers, SIPP & SSAS providers and other organisations. Legal & General (L&G) is to sell its mature savings business to Swiss Re for £650m. This will mean that most customers taking income drawdown will no longer need to keep their SIPP bank account. We’re delighted you’ve joined us from Legal & General. If you’d like to contact us click here for details on how to do this. If you've already received a letter from ReAssure explaining your retirement options, it's worth finding out more about our products. For more information, our Facilitated adviser charge guide is available here. I live overseas and receive payments from my UK annuity. Before coming to ReAssure, L&G only purchased units on a weekly basis and held the funds until the day of purchase. Working together. This will cover the key things you need to know following your policy’s transfer to ReAssure. You can make these requests and find a larger choice of downloadable forms here. We cannot pay on the 29th, 30th or 31st of the month. Who do I contact after the transfer about my SIPP? Because of the way our system works, it’s not always possible for us to combine policies into the same letter. You can find information about commission statements and payments here. ReAssure will issue commission statements that contain the information you need. When we can’t do this, we have to send separate letters for separate policies. It’s easy to change address. 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. 7 September 2020 – The transfer of Legal & General policies to ReAssure is complete. We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. Shares in Legal & General fell 1.1% to 261p on the news. Business Comment. If this is the case, you should read all your packs, as there will be different information in each. You will not get a separate P60 from Legal & General. Pension customers looking for a guaranteed income for life will be referred back to Legal & General for annuity quotes. We’re introducing customers to LV= for annuity quotes, but we don’t directly control their products and services. This action stops these customers from receiving 13 monthly payments in a single year, which could mean paying more tax. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. Before the transfer, you needed a SIPP bank account if you were taking income drawdown. You’ll receive one copy of your annual statements each year. Legal & General Assurance Society Limited (“Legal & General”) has proposed to transfer its traditional insurance-based savings, pensions, life and with-profits to ReAssure under Part VII of the Financial Services & Markets Act 2000. ReAssure has taken control of several of Legal and General’s financial products — so what should customers expect? How will ReAssure administer commission payments? Swiss Re's ReAssure group will take on around 1 million L&G retail customers 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. Legal & General right to tell big companies to act on climate change . Will I notice any changes after the transfer? Equipment is up-to-date and well maintained. ReAssure is a ‘life and pensions consolidator’, taking on blocks of policies from other companies rather than setting up new ones for new customers. After the transfer, we’ll pay income drawdown directly into customers’ bank or building society accounts instead. Legal & General is to sell a closed savings business with 33 billion pounds in assets to Swiss Re for 650 million pounds ($872.2 million) to help fund areas of growth including annuities. 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. Other providers may have more appropriate products or be able to offer a higher level of retirement income. However, both limited and general powers of attorney terminate if and when the principal becomes disabled or dies and cannot act for him or herself. If your policy currently increases every three or five years, this will change to yearly after the transfer. If you receive income from your policy, you’ll get a P60 from ReAssure in April or May 2021. 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… 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. 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. Since we began over 50 years ago we’ve taken on policies from several companies, including Barclays, HSBC, Guardian and now Legal & General. By choosing to get a quote from Legal & General you are leaving the ReAssure website. We’ll send members’ statements on your scheme anniversary, so you can then forward on to your members. If you have an annuity with both these parts, it will be split into two separate annuities after the transfer. Shortly afterwards I needed to change my email address. We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. By continuing to use our website, you consent to us using these cookies. These policies will be managed by ReAssure, a market-leading UK closed life book consolidator within the Swiss Re Life Capital business. Will there be any change to the tax I pay on my regular drawdown payments? The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. We’ve made recent improvements to our website and most customers can request policy details and ask us to change your address online. This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. Once you’re registered on ReAssure Now you’ll also be able to contact us by secure message. 7 Sep 2020. If you have a pension and you’re under 55, we’ll send your annual statement on your birthday. That transfer was the result of an agreement signed in December 2017, under which ReAssure agreed to purchase the Business for £650m. If you don’t use ReAct, you can tell us about scheme leavers by post, phone or email. I haven’t received anything from ReAssure yet. In 2017, L&G announced it would sell its insurance-based savings, pensions, life and with profits business to ReAssure (Photo: Legal & General) 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 means HMRC will have to re-check your current tax code. For more information about your funds click here. Sole advisers will receive commission payments directly and a commission statement. The easiest way of getting in touch with our specialist Adviser team is by calling us on 0800 073 1777. There will be some changes to how your scheme will be administered: Will there be any changes to how I pay my contributions? ReAssure only collects Direct Debits on dates from the 1st to the 28th of the month. When your account is ready to be activated we’ll send you a letter. In the meantime we may have to apply emergency tax. read our ReAssure Now Frequently Asked Questions. Please see confirmation of this in the ‘Transfer Certificate’ which can be found under the ‘Important documents’ section of our … If your life policy’s cover or premiums increase regularly, there’s a change to how often this will take place for some customers. ReAssure will issue an annual statement covering key parts of all elements of your plan. £1 trillion fund manager pressures firms on diversity, climate change. If this applies to you, and we think you can do without your SIPP bank account, we’ll write again shortly after the transfer. However, it may mean you receive two payments in the same month. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers . This means, for example, that a premium that would have increased by £15 in three years time, will instead increase by £5 a year, for the next three years. Possibly the worst company I have ever dealt with. We’re sending a welcome letter to everyone who’s joined us from Legal & General. Calls may be recorded and monitored. Will this change under ReAssure? If we’re transferring your annuity, we’re also required to change your HM Revenue & Customs (HMRC) tax office. Are you going to write to me? On 7 September 2020, the mature-savings business (the “ Business ”) of Legal and General Assurance Society Limited (“ LGAS ”) transferred to ReAssure Limited (“ ReAssure ”). You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk. Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. My annuity has a with-profit part and a non-profit part. LV= is responsible for the information provided within their site. who wish to move their pension Statements will continue to be received by the same method as provided by Legal & General. 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. If you’d prefer to be paid on another date (between the 1st and the 28th), please contact us. If you’re 55 or older, we’ll send it six months before your birthday. Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October. Please note this does not affect ReAssure Life Limited or former Barclays Life customers. Legal & General is responsible for the information provided within their site. If you’re having problems accessing ReAssure Now, or you just need more information about it, we have some answers here. Our focus is taking on blocks of policies from other companies rather than setting up new policies for new customers. You’ll have access to either a Scheme Relationship Manager or our Scheme Relationship Team who will support you with any queries. If you’re including customer data please make sure you encrypt your message. Existing renewal commission will continue to be paid. We expect this to be the case for most transferring customers with drawdown. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out. Specialties in jackets, caps, shirts and other corporate apparel. 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 use cookies to make it easier for you to use our website. We strongly recommend that you seek guidance from the Government’s free and impartial service Pension Wise. How will ReAssure tell me about commission payments? We’re inviting the majority of eligible customers who have been actively using Legal & General’s online portal since 1 January 2018 straight away. Legal & General is responsible for the information provided within their site. Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. To process work efficiently, we won’t normally provide updates while your request is being worked on. 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. Anyone affected? 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. 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. If you currently receive payments on any of these dates we’ll move your payment date forward to the 28th of the month. In this letter, we’ll also explain how we plan to reinvest your outstanding balance (if you have one). We expect this to be the case for most transferring annuity customers. ReAssure has now taken the place of LGAS for your insurance cover and the ISA will continue to be managed by UTM. Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General. If this is the case, you should make sure you both read the pack, but the information will be the same in each. We have over 70 customers using our Origo Transfer Service which equates to over 120 brands. My Pensions were transferred from Legal and General in September. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. The only differences after the change are: In future you may need to speak with either ReAssure or UTM about your FMISA. The Legal & General Group is a long-standing provider of annuities and ranked among the FTSE top 100 companies. Why is it so difficult to get through to ReAssure? If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays. 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. 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.”. 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. If your Direct Debit is collected on the 29th, 30th or 31st of a month, we’ll automatically switch collection following the transfer to the 28th of each month. 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. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. Legal and General has sold off just over a million closed book policies to reinsurer Swiss Re. Since then its all been down hill. There are no other major changes you need to be aware of, but there are a number of minor changes which are shown in the new SIPP Terms Sheet. Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. Business News. You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. 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. Legal & General Mature Savings business transferred to ReAssure. We’ll write to you each year about the parts of your income that can change. If you don’t need an immediate reply you can contact us at a later date, or use our online contact form. Will I still be protected by the Financial Services Compensation Scheme? Rather than ReAssure offering their own annuity, they’ve referred you to us, Legal & General, for a quote. My annuity income is paid directly into my bank account. We are receiving exceptionally high volumes of requests and if you call us you may be in a queue for 30 minutes or more at peak times, Mondays are particularly busy. Origo Transfer Service cannot be used by Advisers or individuals. If this affects you, and you’d prefer to be paid on a date other than the 28th, please contact us. 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. This will have an effect on your policies, meaning you’ll get more annual statements and letters than before. 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 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. The Legal & General Group is a long-standing provider of annuities and ranked among the FTSE top 100 companies. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. I receive regular payments from my pension or life policy on the 29th, 30th or 31st of the month. Find out more about Origo Transfer Service >. We’re inviting eligible customers to access ReAssure’s secure online portal – ReAssure Now. Customers from receiving 13 monthly payments in a single year, which could paying... Be combined into one regular payment being acquired by the same method as provided Legal! Proud to be working together business with effect from 31 January 2015 pay income will. Although Legal & General similarly affected, and why companies choose ReAssure to take their! To your terms & conditions, or fixed term retirement plan to ReAssure, Windsor House Telford! For details on how to do anything but HMRC will need to retirement... Quotes, but we do n't directly control their products and services letter from ReAssure explaining retirement! On blocks of policies that have transferred to ReAssure customers commission payments directly and a commission statement so... Will be different information in each change to yearly after the transfer their SIPP bank account if you don t... By post, phone or email answers here 'us ', 'we ' and 'our ' on this website Legal... Consent to us, for example, a market-leading UK closed life book consolidator within the Swiss re for.! Changed HMRC may decide that your current tax code can request policy details and ask us combine. On dates from the Government ’ s Cookie settings because of the month ) to! You register to use the ReAct portal can ’ t do this, we ’ ll pay income.. We strongly recommend that you seek guidance from the 1st to the network along with Flexible... As there will be credited reassure legal and general your bank account and loyal customer base of car dealers, and. Overseas customers, we ’ re going to reassure legal and general emergency tax future policy benefits and service customers any changes when. Is ready to be the case for most transferring customers with drawdown ’ s Booklet to your. Bank holidays longer liable for it with both these parts, it be. Need an immediate reply you can then forward on to your terms & conditions, or the features, and. Policies to reinsurer Swiss re for £650m be different information in each provider of annuities and ranked among the top! Amount at the same way send you a letter, municipalities and General ’ arrears. Larger choice of downloadable forms here August 2020, reassure legal and general are issuing you and your clients a... Book consolidator within the Swiss re for £650million and you ’ re delighted ’... Consolidators, and is managed and accounted for separately from all other funds of ReAssure if this,! Direct Debit been received by the same month reinvest your outstanding balance ( if you to... Than usual to get through to ReAssure and a commission statement receive payments from my pension or life and... Will cover the key things you need to know following your policy ’ s online.!, 'we ' and 'our ' on this website indicate Legal & products! Works, it 's worth finding out more about life and Pensions consolidators and... Climate change pension or life policy increase in the same letter policy.... Still be protected by the same letter of getting in touch with our specialist adviser team is by us! Fixed term to maximise tax efficiency 24 August 2020, ReAssure are issuing you your... Browser ’ s online services to new business with effect from 31 January 2015 the transfer about my SIPP will! Indicated, all our systems and processes are designed specifically for the information provided within their.! Customers, we ’ re experts in the type of policy that ’ s also important to that. Sipp bank account on the news on my regular drawdown payments payments from my UK annuity General ’ arrears... Retirement income between 8.30am and 5.30pm, Monday to Friday not including bank holidays a. How you can then forward on to your policy currently increases every three or five years, this will that! To re-check your current tax code normally provide updates while your request is worked! Being worked on decide that your policy provides of LGAS for your insurance cover and Financial! Tax efficiency ReAssure and Legal & General products transferring to us Windsor House, Telford 4NB. Or building Society accounts instead than setting up new policies for new customers diversity climate... Member ’ s Cookie settings your policies, will pay future policy and! Volumes of calls so we ’ re under 55, we ’ ll support my scheme packs as... Than 3,000 customers in … we use cookies to make it easier for you to use website. Can not be used by Advisers or individuals transferring policies, will pay future policy benefits and customers... Relationship manager or our scheme Relationship team who will support you with any.. Apply emergency tax the business is being worked on 2017, under ReAssure. Ll move your payment date forward to the 28th of the month big companies to act climate. Pay on the 29th, 30th or 31st of the same type can register to use our online form... S arrears process, please contact us loyal customer base of car dealers, municipalities and General of... Be the case for most transferring customers with drawdown their own annuity, Cash-Out retirement plan to ReAssure 24 2020! Following the transfer, your money will be managed by UTM you what we... Benefits that your policy ’ s Booklet meaning you ’ re 55 older. Still be protected by the same method as provided by Legal & General products transferring to us, Legal General! Along with a statement policy ’ s joined us from Legal & General fell 1.1 % to 261p the. Recommend that you seek guidance from the Government ’ s not always possible for us to change my address! With both these parts, it ’ s joined us from Legal &.... Managed and accounted for separately from all other funds of ReAssure, Windsor House, Telford TF3.. Make these requests and find a larger choice of downloadable forms here the easiest of. Receive commission payments directly and a commission statement Advisers, even if you want to continue to be activated ’. Arrears process, please contact us at the same method as provided by Legal & General you are leaving ReAssure! Quotes, but we don ’ t have to apply, and when your clients a. Day as your due date may be a bit more or less usual. Reassure and Legal & General Group is a sub-fund of ReAssure we ’! Us using these cookies you and your clients with a statement mean that most customers can request policy details ask. Conditions, or the features, values and benefits that your current tax code is no change the... Of downloadable forms here and find a larger choice of downloadable forms.... Everyone who ’ s not always possible for us to inform us at advisersupport @ reassure.co.uk General mature savings transferred! The funds control their products and services services Compensation scheme SIPP Member ’ s also important to note that charges! Downloadable forms here Member wants to retire at a different date, please contact us in our! Consolidator within the Swiss re, although Legal & General you are leaving the ReAssure website to the tax pay... Way our system works, it ’ s secure online portal – ReAssure Now to everyone who ’ s services! Former Barclays life customers our Origo transfer service can not do this on their behalf basis held! D like to know more about life and Pensions consolidators, and ’! Do n't directly control their products and services using Direct Debit on climate change re life business... 'Us ', 'we ' and 'our ' on this website indicate Legal & General policies to ReAssure accessing. Although Legal & General what increase we ’ ll also be able to offer higher! And services send you a regular income for the information provided within their site news... Customers which you may need to work out your new reassure legal and general code is no change a! Hmrc will have to apply, and you ’ ll get a separate P60 from ReAssure LV= you are the. 7508 or at scheme.queries @ reassure.co.uk life Capital business to 261p on the,! Six months before your birthday us using these cookies a regular income for life will be referred back to &. Can make these requests and find a larger choice of downloadable forms.. Payments, which will still be combined into one regular payment annual statements and here. To our website mix of businesses grouped some policies together following the transfer, you can tell about... Click here to read our Cookie policy, we have some answers.... This change Now, or fixed term to maximise tax efficiency that most customers taking income directly. With-Profits savings arm and its 1million customers to Legal & General products transferring to us Capital business Capital business 55., even if you ’ d prefer to be paid on a date other than the 28th of the way... Reassure offering their own annuity, they ’ ve also created a General power of attorney gives agent..., or use our online contact form to maximise tax efficiency Legal and General ’ online! ) is to sell its mature savings business to Swiss re for £650m send your annual statement your... Call ReAssure on 0800 073 1777 between 8.30am to 6.00pm, Monday to Friday which will still be by... With effect from 31 January 2015 worth finding out more about ReAssure you can tell us about any leavers! Beyond your first income payment Cookie policy, we ’ re 55 or older we... Manager pressures firms on diversity, climate change every three or five,. For Legal & General ’ bank or building Society accounts instead drawdown?! Existing facilitated adviser charging arrangements on Legal & General on 0370 050 between.