. Swiss Re's ReAssure group will take on around 1 million L&G retail customers We have over 70 customers using our Origo Transfer Service which equates to over 120 brands. 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. 7 September 2020 – The transfer of Legal & General policies to ReAssure is complete. How will ReAssure administer commission payments? How will ReAssure tell me about commission payments? I’m having problems with ReAssure Now. Anyone affected? 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. 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. Since then its all been down hill. You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk. For more information, our Facilitated adviser charge guide is available here. You’ll no longer have access to Legal & General’s online services for policies that have transferred to ReAssure. In 2017, L&G announced it would sell its insurance-based savings, pensions, life and with profits business to ReAssure (Photo: Legal & General) We’ll send a letter each year to tell you what increase we’re going to apply, and when. We’re sending a welcome letter to everyone who’s joined us from Legal & General. 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. By Gareth Shaw. ReAssure has taken control of several of Legal and General’s financial products — so what should customers expect? Are you going to write to me? Please note this does not affect ReAssure Life Limited or former Barclays Life customers. Facilitated Adviser Charges. My annuity income is paid directly into my bank account. Since we began over 50 years ago we’ve taken on policies from several companies, including Barclays, HSBC, Guardian and now Legal & General. Once the money has been received by ReAssure, L&G UTM are no longer liable for it. Its With-Profits fund was closed to new business with effect from 31 January 2015. Even so, it may take longer than usual to get through to us. 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. 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. Will this change under ReAssure? When we can’t do this, we have to send separate letters for separate policies. Most new business comes from word-of-mouth. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. : 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. I wonder if anyone here is similarly affected, and if so, what your thoughts are? Will this change under ReAssure? By choosing to get a quote from LV= you are leaving the ReAssure website. We’ve also created a general Q&A for Legal & General customers which you may find helpful here. Pension customers looking for a guaranteed income for life will be referred back to Legal & General for annuity quotes. ReAssure and Legal & General have jointly agreed to defer the transfer, which was scheduled for 4 November 2019 (subject to High Court approval). Regular payments for a fixed term to maximise tax efficiency. To process work efficiently, we won’t normally provide updates while your request is being worked on. We cannot pay on the 29th, 30th or 31st of the month. Other providers may have more appropriate products or be able to offer a higher level of retirement income. 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. Working together. If this is the case, you should read all your packs, as there will be different information in each. 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. If you have a SIPP and you want to know what you’re able to do with it, you should read the SIPP Members Booklet, Terms Sheet and Liquidity Policy. Statements will continue to be received by the same method as provided by Legal & General. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. These policies will be managed by ReAssure, a market-leading UK closed life book consolidator within the Swiss Re Life Capital business. We’re delighted you’ve joined us from Legal & General. Who do I contact after the transfer about my SIPP? Are there any changes to how you’ll support my scheme? Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. Because of the way Legal & General make your payments, your money is actually credited into your bank account a day before your due date. ReAssure will issue commission statements that contain the information you need. Before the transfer, you needed a SIPP bank account if you were taking income drawdown. 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. 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? We are experiencing some delays in replying to requests, however all queries are dealt with as soon as we can and in date order. We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October. This will have an effect on your policies, meaning you’ll get more annual statements and letters than before. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. If you’d like to contact us click here for details on how to do this. Will there be any change to the tax I pay on my annuity income? 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. Legal & General is to sell a closed savings business with 33 billion pounds in assets to Swiss Re for 650 million pounds to help fund areas of growth including annuities. The business is being bought by the ReAssure division of Swiss Re, … We use cookies to make it easier for you to use our website. Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers. Legal & General (L&G) is to sell its mature savings business to Swiss Re for £650m. I can’t find my policy or policies / I have fewer policies than before. The only differences after the change are: In future you may need to speak with either ReAssure or UTM about your FMISA. If you service other policies that remain part of Legal & General, you’ll still be able to view these policies using existing Legal & General online services, where applicable. Statements will continue to be received by the same method as provided by Legal & General. Before coming to ReAssure, L&G only purchased units on a weekly basis and held the funds until the day of purchase. If you’d like to change to a different date, please contact us. Will my life policy increase in the same way? You will not get a separate P60 from Legal & General. Yes, following the transfer your investments with ReAssure will still be covered by the Financial Services Compensation Scheme, in the same way as before. What can I do? It’s also important to note that any charges applied to your policy will be unaffected by this change. Existing renewal commission will continue to be paid. Because of the way our system works, it’s not always possible for us to combine policies into the same letter. For customers with a Flexible Mortgage ISA (FMISA). For advisers who are part of a network, the payment is sent to the network along with a statement. We’ll need your agency number for any questions about commission. My annuity has a with-profit part and a non-profit part. Why is this? Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. Legal & General is responsible for the information provided within their site. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. 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. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. 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. If you have an annuity with both these parts, it will be split into two separate annuities after the transfer. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. Continue Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. I’ve received more than one welcome mailing pack from ReAssure. Why is this? Will ReAssure make any changes to when my Direct Debit is collected? Legal & General offloads with-profits savings arm and its 1million customers to reinsurer Swiss Re for £650million. You will receive an Annual Statement for your ISA transactions from Legal & General UTM (Unit Trust Managers) and a Consolidated Contract Note, sent six months after the annual statement. For more information about your funds click here. You no longer need to request retirement packs when your members are approaching their selected retirement date. 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. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. ReAssure is a ‘life and pensions consolidator’, taking on blocks of policies from other companies rather than setting up new ones for new customers. 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. We expect this to be the case for most transferring customers with drawdown. 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. Because this is our focus, all our systems and processes are designed specifically for the types of policies that transfer to us. Business Comment. This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. Shortly afterwards I needed to change my email address. 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. If you want to continue to pay your contributions on your current frequency, you can register to use the ReAct portal. 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). Regular payments for a fixed term to maximise tax efficiency. What is a life and pensions consolidator? 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… who wish to move their pension 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. 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). Sole advisers will receive commission payments directly and a commission statement. Legal & General's Group website provides information for shareholders, journalists and those interested in career opportunities at Legal & General. 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. 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. 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. If you don’t use ReAct, you can tell us about scheme leavers by post, phone or email. 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. 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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. 7 September 2020 – The transfer of Legal & General policies to ReAssure is complete. How will ReAssure administer commission payments? How will ReAssure tell me about commission payments? I’m having problems with ReAssure Now. Anyone affected? 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. 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. Since then its all been down hill. You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk. For more information, our Facilitated adviser charge guide is available here. You’ll no longer have access to Legal & General’s online services for policies that have transferred to ReAssure. In 2017, L&G announced it would sell its insurance-based savings, pensions, life and with profits business to ReAssure (Photo: Legal & General) We’ll send a letter each year to tell you what increase we’re going to apply, and when. We’re sending a welcome letter to everyone who’s joined us from Legal & General. 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. By Gareth Shaw. ReAssure has taken control of several of Legal and General’s financial products — so what should customers expect? Are you going to write to me? Please note this does not affect ReAssure Life Limited or former Barclays Life customers. Facilitated Adviser Charges. My annuity income is paid directly into my bank account. Since we began over 50 years ago we’ve taken on policies from several companies, including Barclays, HSBC, Guardian and now Legal & General. Once the money has been received by ReAssure, L&G UTM are no longer liable for it. Its With-Profits fund was closed to new business with effect from 31 January 2015. Even so, it may take longer than usual to get through to us. 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. 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. Will this change under ReAssure? When we can’t do this, we have to send separate letters for separate policies. Most new business comes from word-of-mouth. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. : 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. I wonder if anyone here is similarly affected, and if so, what your thoughts are? Will this change under ReAssure? By choosing to get a quote from LV= you are leaving the ReAssure website. We’ve also created a general Q&A for Legal & General customers which you may find helpful here. Pension customers looking for a guaranteed income for life will be referred back to Legal & General for annuity quotes. ReAssure and Legal & General have jointly agreed to defer the transfer, which was scheduled for 4 November 2019 (subject to High Court approval). Regular payments for a fixed term to maximise tax efficiency. To process work efficiently, we won’t normally provide updates while your request is being worked on. We cannot pay on the 29th, 30th or 31st of the month. Other providers may have more appropriate products or be able to offer a higher level of retirement income. 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. Working together. If this is the case, you should read all your packs, as there will be different information in each. 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. If you have a SIPP and you want to know what you’re able to do with it, you should read the SIPP Members Booklet, Terms Sheet and Liquidity Policy. Statements will continue to be received by the same method as provided by Legal & General. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. These policies will be managed by ReAssure, a market-leading UK closed life book consolidator within the Swiss Re Life Capital business. We’re delighted you’ve joined us from Legal & General. Who do I contact after the transfer about my SIPP? Are there any changes to how you’ll support my scheme? Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. Because of the way Legal & General make your payments, your money is actually credited into your bank account a day before your due date. ReAssure will issue commission statements that contain the information you need. Before the transfer, you needed a SIPP bank account if you were taking income drawdown. 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. 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? We are experiencing some delays in replying to requests, however all queries are dealt with as soon as we can and in date order. We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October. This will have an effect on your policies, meaning you’ll get more annual statements and letters than before. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. If you’d like to contact us click here for details on how to do this. Will there be any change to the tax I pay on my annuity income? 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. Legal & General is to sell a closed savings business with 33 billion pounds in assets to Swiss Re for 650 million pounds to help fund areas of growth including annuities. The business is being bought by the ReAssure division of Swiss Re, … We use cookies to make it easier for you to use our website. Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers. Legal & General (L&G) is to sell its mature savings business to Swiss Re for £650m. I can’t find my policy or policies / I have fewer policies than before. The only differences after the change are: In future you may need to speak with either ReAssure or UTM about your FMISA. If you service other policies that remain part of Legal & General, you’ll still be able to view these policies using existing Legal & General online services, where applicable. Statements will continue to be received by the same method as provided by Legal & General. Before coming to ReAssure, L&G only purchased units on a weekly basis and held the funds until the day of purchase. If you’d like to change to a different date, please contact us. Will my life policy increase in the same way? You will not get a separate P60 from Legal & General. Yes, following the transfer your investments with ReAssure will still be covered by the Financial Services Compensation Scheme, in the same way as before. What can I do? It’s also important to note that any charges applied to your policy will be unaffected by this change. Existing renewal commission will continue to be paid. Because of the way our system works, it’s not always possible for us to combine policies into the same letter. For customers with a Flexible Mortgage ISA (FMISA). For advisers who are part of a network, the payment is sent to the network along with a statement. We’ll need your agency number for any questions about commission. My annuity has a with-profit part and a non-profit part. Why is this? Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. Legal & General is responsible for the information provided within their site. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. 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. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. 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. If you have an annuity with both these parts, it will be split into two separate annuities after the transfer. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. Continue Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. I’ve received more than one welcome mailing pack from ReAssure. Why is this? Will ReAssure make any changes to when my Direct Debit is collected? Legal & General offloads with-profits savings arm and its 1million customers to reinsurer Swiss Re for £650million. You will receive an Annual Statement for your ISA transactions from Legal & General UTM (Unit Trust Managers) and a Consolidated Contract Note, sent six months after the annual statement. For more information about your funds click here. You no longer need to request retirement packs when your members are approaching their selected retirement date. 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. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. ReAssure is a ‘life and pensions consolidator’, taking on blocks of policies from other companies rather than setting up new ones for new customers. 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. We expect this to be the case for most transferring customers with drawdown. 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. Because this is our focus, all our systems and processes are designed specifically for the types of policies that transfer to us. Business Comment. This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. Shortly afterwards I needed to change my email address. 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. If you want to continue to pay your contributions on your current frequency, you can register to use the ReAct portal. 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). Regular payments for a fixed term to maximise tax efficiency. What is a life and pensions consolidator? 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… who wish to move their pension 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. 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). Sole advisers will receive commission payments directly and a commission statement. Legal & General's Group website provides information for shareholders, journalists and those interested in career opportunities at Legal & General. 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. 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. 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. If you don’t use ReAct, you can tell us about scheme leavers by post, phone or email. 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. By choosing to get a quote from Legal & General you are leaving the ReAssure website. By continuing to use our website, you consent to us using these cookies. Will I notice any changes after the transfer? Rather than ReAssure offering their own annuity, they’ve referred you to us, Legal & General, for a quote. We’ll write to you each year about the parts of your income that can change. Prudential Regulation Authority and the Financial Conduct Authority You have a joint life policy and both people on the policy live at the same address. It, we ’ ll get more annual statements each year to tell us about any scheme leavers by,... What increase we ’ re introducing customers to access ReAssure ’ s online services for policies that transferred. Work efficiently, we ’ ll send members ’ statements on your policies, will pay future policy and... Get more annual statements each year about the parts of all elements your... 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reassure legal and general

We expect this to be the case for most transferring annuity customers. This may be a bit more or less than usual, but is unlikely to be applied beyond your first drawdown payment. Because it takes longer to process payments to overseas customers, we’re going to move your payment date forward by five days. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. All FMISA premiums will now be collected by ReAssure using Direct Debit. This means, for example, if you’re due to get paid on the 30 November, you’ll now get paid on the 1 December. ReAssure will issue an annual statement covering key parts of all elements of your plan. If you’ve allocated money to capped drawdown, your annual statement will be sent shortly before the start of your drawdown review year. If your life policy’s cover or premiums increase regularly, there’s a change to how often this will take place for some customers. 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. The business is being acquired by the ReAssure division of reinsurer Swiss Re, although Legal & general will continue to manage the funds. If you've already received a letter from ReAssure explaining your retirement options, it's worth finding out more about our products. Because we’re transferring your policy, we’re also required to change your HM Revenue & Customs (HMRC) tax office. If this is the case, you should make sure you both read the pack, but the information will be the same in each. After the transfer, your money will be credited into your bank account on the same day as your due date. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers . If you’re having problems accessing ReAssure Now, or you just need more information about it, we have some answers here. Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General. From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. When your account is ready to be activated we’ll send you a letter. ReAssure only collects Direct Debits on dates from the 1st to the 28th of the month. 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. We're introducing customers to Legal & General for annuity quotes, but we don't directly control their products and services. How should I contact ReAssure after the transfer? What happens if my client has changed address? read our ReAssure Now Frequently Asked Questions. 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. 7 Sep 2020. If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. If your Direct Debit is collected between these dates, there won’t be any changes to how your payments are collected and allocated. Legal & Generalmeans Legal and General Assurance Society Limited, and any other Legal & General group company as applicable. If you have a life policy, we’ll send your annual statement on your policy anniversary. We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. Origo Transfer Service cannot be used by Advisers or individuals. Once you’re registered on ReAssure Now you’ll also be able to contact us by secure message. If your policy currently increases every three or five years, this will change to yearly after the transfer. 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. More than 3,000 customers in … This will mean that most customers taking income drawdown will no longer need to keep their SIPP bank account. 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. If the member wants to retire at a different date, you can contact us to inform us at the time. If you don’t submit your contribution schedule or you don’t pay your contributions for your scheme, we’ll write to you to inform you about this. Rather than ReAssure offering their own annuity, they’ve referred you to us, Legal & General, for a quote. I live overseas and receive payments from my UK annuity. After the transfer, we’ll pay income drawdown directly into customers’ bank or building society accounts instead. This is available to all Advisers, even if you weren’t offered telephone support 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. If you register to use the ReAct portal, you’ll be able to tell us about any scheme leavers through this. A lifetime annuity that is guaranteed to pay you a regular income for the rest of your life. 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. I haven’t received anything from ReAssure yet. If you have a pension and you’re under 55, we’ll send your annual statement on your birthday. Please note: Origo Transfer Service can only be used by platforms, third-party administrators, providers, SIPP & SSAS providers and other organisations. Equipment is up-to-date and well maintained. To help us direct you to the correct online system please tell us if you are a: Transfer of business from Legal & General, ReAssure’s response to Coronavirus (COVID-19), Old Mutual Wealth Life Assurance is now ReAssure. There is no change to your terms & conditions, or the features, values and benefits that your policy provides. Legal & General right to tell big companies to act on climate change . 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’re 55 or older, we’ll send it six months before your birthday. If you receive income from your policy, you’ll get a P60 from ReAssure in April or May 2021. The Legal & General Group is a long-standing provider of annuities and ranked among the FTSE top 100 companies. 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’re inviting the majority of eligible customers who have been actively using Legal & General’s online portal since 1 January 2018 straight away. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. ReAssure and Legal & General are proud to be working together. Business has a strong, repeat and loyal customer base of car dealers, municipalities and general mix of businesses. Will I still be protected by the Financial Services Compensation Scheme? 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. You can find information about commission statements and payments here. This means we’re experts in the type of transfer you’ve just gone through. ReAssure has now taken the place of LGAS for your insurance cover and the ISA will continue to be managed by UTM. In addition, most customers will also get an opening statement from us or will already have received a closing statement from Legal & General. LV= is responsible for the information provided within their site. We’ve made recent improvements to our website and most customers can request policy details and ask us to change your address online. If you don’t need an immediate reply you can contact us at a later date, or use our online contact form. This will include a current value and basic policy information. On 7 September 2020, the mature-savings business (the “ Business ”) of Legal and General Assurance Society Limited (“ LGAS ”) transferred to ReAssure Limited (“ ReAssure ”). 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). We currently offer a Pension Annuity, Cash-Out Retirement Plan, or Fixed Term Retirement Plan to ReAssure customers. For trustees or administrators of a pension scheme. Will the transfer have any effect on it? The frequency of commission payments remains unchanged. Write to: ReAssure, Windsor House, Telford TF3 4NB. We’ve done this to simplify our communications with you – for example, policies that receive Annual Statements will get one letter each year rather than a number of very similar communications. We’ll send members’ statements on your scheme anniversary, so you can then forward on to your members. Specialties in jackets, caps, shirts and other corporate apparel. I receive annuity payments on the 29th, 30th or 31st of the month. There will be some changes to how your scheme will be administered: Will there be any changes to how I pay my contributions? Eligible customers are those already registered with Legal and General’s online services. Swiss Re has agreed to purchase 1.1 million life insurance policies from UK financial service provider Legal & General Group PLC (L&G) for GBP 650 million. 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. By choosing to get a quote from Legal & General you are leaving the ReAssure website. 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. If this applies to you, and we think you can do without your SIPP bank account, we’ll write again shortly after the transfer. This will show all income paid to you (and tax deducted) by Legal & General and ReAssure, during the 2020/2021 tax year. You’ll have access to either a Scheme Relationship Manager or our Scheme Relationship Team who will support you with any queries. We’re currently experiencing high volumes of calls so we’ve put more people on our phones. 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. Our focus is taking on blocks of policies from other companies rather than setting up new policies for new customers. 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. This action stops these customers from receiving 13 monthly payments in a single year, which could mean paying more tax. Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General. You can make these requests and find a larger choice of downloadable forms here. Legal and General has sold off just over a million closed book policies to reinsurer Swiss Re. Find out more about Origo Transfer Service >. Swiss Re's ReAssure group will take on around 1 million L&G retail customers We have over 70 customers using our Origo Transfer Service which equates to over 120 brands. 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. 7 September 2020 – The transfer of Legal & General policies to ReAssure is complete. How will ReAssure administer commission payments? How will ReAssure tell me about commission payments? I’m having problems with ReAssure Now. Anyone affected? 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. 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. Since then its all been down hill. You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk. For more information, our Facilitated adviser charge guide is available here. You’ll no longer have access to Legal & General’s online services for policies that have transferred to ReAssure. In 2017, L&G announced it would sell its insurance-based savings, pensions, life and with profits business to ReAssure (Photo: Legal & General) We’ll send a letter each year to tell you what increase we’re going to apply, and when. We’re sending a welcome letter to everyone who’s joined us from Legal & General. 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. By Gareth Shaw. ReAssure has taken control of several of Legal and General’s financial products — so what should customers expect? Are you going to write to me? Please note this does not affect ReAssure Life Limited or former Barclays Life customers. Facilitated Adviser Charges. My annuity income is paid directly into my bank account. Since we began over 50 years ago we’ve taken on policies from several companies, including Barclays, HSBC, Guardian and now Legal & General. Once the money has been received by ReAssure, L&G UTM are no longer liable for it. Its With-Profits fund was closed to new business with effect from 31 January 2015. Even so, it may take longer than usual to get through to us. 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. 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. Will this change under ReAssure? When we can’t do this, we have to send separate letters for separate policies. Most new business comes from word-of-mouth. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. : 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. I wonder if anyone here is similarly affected, and if so, what your thoughts are? Will this change under ReAssure? By choosing to get a quote from LV= you are leaving the ReAssure website. We’ve also created a general Q&A for Legal & General customers which you may find helpful here. Pension customers looking for a guaranteed income for life will be referred back to Legal & General for annuity quotes. ReAssure and Legal & General have jointly agreed to defer the transfer, which was scheduled for 4 November 2019 (subject to High Court approval). Regular payments for a fixed term to maximise tax efficiency. To process work efficiently, we won’t normally provide updates while your request is being worked on. We cannot pay on the 29th, 30th or 31st of the month. Other providers may have more appropriate products or be able to offer a higher level of retirement income. 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. Working together. If this is the case, you should read all your packs, as there will be different information in each. 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. If you have a SIPP and you want to know what you’re able to do with it, you should read the SIPP Members Booklet, Terms Sheet and Liquidity Policy. Statements will continue to be received by the same method as provided by Legal & General. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. These policies will be managed by ReAssure, a market-leading UK closed life book consolidator within the Swiss Re Life Capital business. We’re delighted you’ve joined us from Legal & General. Who do I contact after the transfer about my SIPP? Are there any changes to how you’ll support my scheme? Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. Because of the way Legal & General make your payments, your money is actually credited into your bank account a day before your due date. ReAssure will issue commission statements that contain the information you need. Before the transfer, you needed a SIPP bank account if you were taking income drawdown. 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. 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? We are experiencing some delays in replying to requests, however all queries are dealt with as soon as we can and in date order. We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October. This will have an effect on your policies, meaning you’ll get more annual statements and letters than before. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. If you’d like to contact us click here for details on how to do this. Will there be any change to the tax I pay on my annuity income? 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. Legal & General is to sell a closed savings business with 33 billion pounds in assets to Swiss Re for 650 million pounds to help fund areas of growth including annuities. The business is being bought by the ReAssure division of Swiss Re, … We use cookies to make it easier for you to use our website. Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers. Legal & General (L&G) is to sell its mature savings business to Swiss Re for £650m. I can’t find my policy or policies / I have fewer policies than before. The only differences after the change are: In future you may need to speak with either ReAssure or UTM about your FMISA. If you service other policies that remain part of Legal & General, you’ll still be able to view these policies using existing Legal & General online services, where applicable. Statements will continue to be received by the same method as provided by Legal & General. Before coming to ReAssure, L&G only purchased units on a weekly basis and held the funds until the day of purchase. If you’d like to change to a different date, please contact us. Will my life policy increase in the same way? You will not get a separate P60 from Legal & General. Yes, following the transfer your investments with ReAssure will still be covered by the Financial Services Compensation Scheme, in the same way as before. What can I do? It’s also important to note that any charges applied to your policy will be unaffected by this change. Existing renewal commission will continue to be paid. Because of the way our system works, it’s not always possible for us to combine policies into the same letter. For customers with a Flexible Mortgage ISA (FMISA). For advisers who are part of a network, the payment is sent to the network along with a statement. We’ll need your agency number for any questions about commission. My annuity has a with-profit part and a non-profit part. Why is this? Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. Legal & General is responsible for the information provided within their site. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. 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. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. 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. If you have an annuity with both these parts, it will be split into two separate annuities after the transfer. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. Continue Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. I’ve received more than one welcome mailing pack from ReAssure. Why is this? Will ReAssure make any changes to when my Direct Debit is collected? Legal & General offloads with-profits savings arm and its 1million customers to reinsurer Swiss Re for £650million. You will receive an Annual Statement for your ISA transactions from Legal & General UTM (Unit Trust Managers) and a Consolidated Contract Note, sent six months after the annual statement. For more information about your funds click here. You no longer need to request retirement packs when your members are approaching their selected retirement date. 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. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. ReAssure is a ‘life and pensions consolidator’, taking on blocks of policies from other companies rather than setting up new ones for new customers. 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. We expect this to be the case for most transferring customers with drawdown. 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. Because this is our focus, all our systems and processes are designed specifically for the types of policies that transfer to us. Business Comment. This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. Shortly afterwards I needed to change my email address. 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. If you want to continue to pay your contributions on your current frequency, you can register to use the ReAct portal. 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). Regular payments for a fixed term to maximise tax efficiency. What is a life and pensions consolidator? 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… who wish to move their pension 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. 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). Sole advisers will receive commission payments directly and a commission statement. Legal & General's Group website provides information for shareholders, journalists and those interested in career opportunities at Legal & General. 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. 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. 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. If you don’t use ReAct, you can tell us about scheme leavers by post, phone or email. 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. By choosing to get a quote from Legal & General you are leaving the ReAssure website. By continuing to use our website, you consent to us using these cookies. Will I notice any changes after the transfer? Rather than ReAssure offering their own annuity, they’ve referred you to us, Legal & General, for a quote. We’ll write to you each year about the parts of your income that can change. Prudential Regulation Authority and the Financial Conduct Authority You have a joint life policy and both people on the policy live at the same address. It, we ’ ll get more annual statements each year to tell us about any scheme leavers by,... What increase we ’ re introducing customers to access ReAssure ’ s online services for policies that transferred. Work efficiently, we ’ ll send members ’ statements on your policies, will pay future policy and... Get more annual statements each year about the parts of all elements your... 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