Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. 2.2 The Legal & General Assurance Society was founded in 1836. If you currently receive payments on any of these dates we’ll move your payment date forward to the 28th of the month. This will include a current value and basic policy information. Once the money has been received by ReAssure, L&G UTM are no longer liable for it. 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. Legal & General's Group website provides information for shareholders, journalists and those interested in career opportunities at Legal & General. Will the transfer have any effect on it? ReAssure has now taken the place of LGAS for your insurance cover and the ISA will continue to be managed by UTM. I’ve received more than one welcome mailing pack from ReAssure. 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. 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. Will my life policy increase in the same way? 7 Sep 2020. All FMISA premiums will now be collected by ReAssure using Direct Debit. How will ReAssure tell me about commission payments? If we’re transferring your annuity, we’re also required to change your HM Revenue & Customs (HMRC) tax office. Since then its all been down hill. Other providers may have more appropriate products or be able to offer a higher level of retirement income. Rather than ReAssure offering their own annuity, they’ve referred you to us, Legal & General, for a quote. Yes, following the transfer your investments with ReAssure will still be covered by the Financial Services Compensation Scheme, in the same way as before. If you’re including customer data please make sure you encrypt your message. Will there be any change to the tax I pay on my annuity income? Please see confirmation of this in the ‘Transfer Certificate’ which can be found under the ‘Important documents’ section of our … Specialties in jackets, caps, shirts and other corporate apparel. Using a secure message through my ReAssure online account I informed them I would be changing … 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. We’ve made recent improvements to our website and most customers can request policy details and ask us to change your address online. We’ll write to you each year about the parts of your income that can change. That transfer was the result of an agreement signed in December 2017, under which ReAssure agreed to purchase the Business for £650m. I haven’t received anything from ReAssure yet. We expect this to be the case for most transferring annuity customers. 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. Regular payments for a fixed term to maximise tax efficiency. What is a life and pensions consolidator? This means we’re experts in the type of transfer you’ve just gone through. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. We currently offer a Pension Annuity, Cash-Out Retirement Plan, or Fixed Term Retirement Plan to ReAssure customers. You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. Legal and General has sold off just over a million closed book policies to reinsurer Swiss Re. 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. Sole advisers will receive commission payments directly and a commission statement. 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 cover the key things you need to know following your policy’s transfer 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. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. This will not affect your income payments, which will still be combined into one regular payment. Why is this? Will I notice any changes after the transfer? By continuing to use our website, you consent to us using these cookies. We’ll send a letter each year to tell you what increase we’re going to apply, and when. Even so, it may take longer than usual to get through to us. This will show all income paid to you (and tax deducted) by Legal & General and ReAssure, during the 2020/2021 tax year. 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. 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). Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October. 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. Possibly the worst company I have ever dealt with. For more information about your funds click here. On 7 September 2020, the mature-savings business (the “ Business ”) of Legal and General Assurance Society Limited (“ LGAS ”) transferred to ReAssure Limited (“ ReAssure ”). From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. 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. 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. Are you going to write to me? LV= is responsible for the information provided within their site. 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. We're introducing customers to Legal & General for annuity quotes, but we don't directly control their products and services. You can make these requests and find a larger choice of downloadable forms here. We strongly recommend that you seek guidance from the Government’s free and impartial service Pension Wise. For trustees or administrators of a pension scheme. Are there any other changes to my SIPP I should know about? 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. This may be a bit more or less than usual, but is unlikely to be applied beyond your first drawdown payment. You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk. Facilitated Adviser Charges. The business is being acquired by the ReAssure division of reinsurer Swiss Re, although Legal & general will continue to manage the funds. 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. We’re sending a welcome letter to everyone who’s joined us from Legal & General. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following 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. I receive annuity payments on the 29th, 30th or 31st of the month. Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General. This means HMRC will have to re-check your current tax code. We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. Prudential Regulation Authority and the Financial Conduct Authority Anyone affected? Will this change under ReAssure? 7 September 2020 – The transfer of Legal & General policies to ReAssure is complete. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers. Will ReAssure make any changes to when my Direct Debit is collected? You will not get a separate P60 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. Eligible customers are those already registered with Legal and General’s online services. This action stops these customers from receiving 13 monthly payments in a single year, which could mean paying more tax. You can also email us at advisersupport@reassure.co.uk. 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. 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. If you have an annuity with both these parts, it will be split into two separate annuities after the transfer. Please note: Origo Transfer Service can only be used by platforms, third-party administrators, providers, SIPP & SSAS providers and other organisations. Legal & General is responsible for the information provided within their site. 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. You can find information about commission statements and payments here. In this letter, we’ll also explain how we plan to reinvest your outstanding balance (if you have one). For more information, our Facilitated adviser charge guide is available here. The only differences after the change are: In future you may need to speak with either ReAssure or UTM about your FMISA. We're introducing customers to Legal & General for annuity quotes, but we don't directly control their products and services. I receive regular payments from my pension or life policy on the 29th, 30th or 31st of the month. If you've already received a letter from ReAssure explaining your retirement options, it's worth finding out more about our products. My annuity has a with-profit part and a non-profit part. More than 3,000 customers in … For customers with a Self-Invested Personal Pension (SIPP). Because it takes longer to process payments to overseas customers, we’re going to move your payment date forward by five days. The Legal & General Group is a long-standing provider of annuities and ranked among the FTSE top 100 companies. What happens if my client has changed address? The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. 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 your income or personal details have changed HMRC may decide that your current tax code is no longer valid. We’ll need your agency number for any questions about commission. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. 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. Who do I contact after the transfer about my SIPP? After the transfer, your money will be credited into your bank account on the same day as your due date. 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. For advisers who are part of a network, the payment is sent to the network along with a statement. 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. I wonder if anyone here is similarly affected, and if so, what your thoughts are? If you don’t need an immediate reply you can contact us at a later date, or use our online contact form. This is available to all Advisers, even if you weren’t offered telephone support from Legal & General. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. Facilitated adviser charging arrangements on Legal & General when we can not on! 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