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reassure legal and general

We’ve made recent improvements to our website and most customers can request policy details and ask us to change your address online. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. We’re inviting the majority of eligible customers who have been actively using Legal & General’s online portal since 1 January 2018 straight away. This means we’re experts in the type of transfer you’ve just gone through. This will include a current value and basic policy information. Existing renewal commission will continue to be paid. The easiest way of getting in touch with our specialist Adviser team is by calling us on 0800 073 1777. We’ve also created a general Q&A for Legal & General customers which you may find helpful here. However, it may mean you receive two payments in the same month. Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. The business is being acquired by the ReAssure division of reinsurer Swiss Re, although Legal & general will continue to manage the funds. For customers with a Self-Invested Personal Pension (SIPP). 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. Rather than ReAssure offering their own annuity, they’ve referred you to us, Legal & General, for a quote. We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. 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.”. Will I notice any changes after the transfer? If this applies to you, and we think you can do without your SIPP bank account, we’ll write again shortly after the transfer. 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. Statements will continue to be received by the same method as provided by Legal & General. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out. If you want to know more about ReAssure’s arrears process, please contact us. ReAssure and Legal & General have jointly agreed to defer the transfer, which was scheduled for 4 November 2019 (subject to High Court approval). Business Comment. 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. 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. Business News. We’re sending a welcome letter to everyone who’s joined us from Legal & General. All FMISA premiums will now be collected by ReAssure using Direct Debit. Regular payments for a fixed term to maximise tax efficiency. The frequency of commission payments remains unchanged. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. How will ReAssure administer commission payments? Its With-Profits fund was closed to new business with effect from 31 January 2015. I receive regular payments from my pension or life policy on the 29th, 30th or 31st of the month. Because this is our focus, all our systems and processes are designed specifically for the types of policies that transfer to us. From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. 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. Using a secure message through my ReAssure online account I informed them I would be changing … Will there be any change to the tax I pay on my annuity 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. By choosing to get a quote from Legal & General you are leaving the ReAssure website. For customers with a Flexible Mortgage ISA (FMISA). This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. Swiss Re's ReAssure group will take on around 1 million L&G retail customers How should I contact ReAssure after the transfer? There will be some changes to how your scheme will be administered: Will there be any changes to how I pay my contributions? By continuing to use our website, you consent to us using these cookies. If your policy currently increases every three or five years, this will change to yearly after the transfer. Since we began over 50 years ago we’ve taken on policies from several companies, including Barclays, HSBC, Guardian and now Legal & General. 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. What does this mean for existing ReAssure customers? Once you’re registered on ReAssure Now you’ll also be able to contact us by secure message. Why is this? 7 Sep 2020. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. 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. Shares in Legal & General fell 1.1% to 261p on the news. If you’d like to change to a different date, please contact us. 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. After the transfer, we’ll pay income drawdown directly into customers’ bank or building society accounts instead. 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. LV= is responsible for the information provided within their site. Please note this does not affect ReAssure Life Limited or former Barclays Life customers. You’ll receive one copy of your annual statements each year. Find out more about Origo Transfer Service >. 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. How will ReAssure tell me about commission payments? Most new business comes from word-of-mouth. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. This means HMRC will have to re-check your current tax code. 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). If this is the case, you should make sure you both read the pack, but the information will be the same in each. We’ll send members’ statements on your scheme anniversary, so you can then forward on to your members. 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. 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. Calls may be recorded and monitored. Are you going to write to me? You’ll have access to either a Scheme Relationship Manager or our Scheme Relationship Team who will support you with any queries. If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. 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. Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October. 2.2 The Legal & General Assurance Society was founded in 1836. The business is being bought by the ReAssure division of Swiss Re, … You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. This may be a bit more or less than usual, but is unlikely to be applied beyond your first drawdown payment. We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. Advisers who have been receiving statements on a specific day may start to receive them on different days depending on when the payment threshold is met and payment released. Because of the way Legal & General make your payments, your money is actually credited into your bank account a day before your due date. Sole advisers will receive commission payments directly and a commission statement. After the transfer, your money will be credited into your bank account on the same day as your due date. If you’re having problems accessing ReAssure Now, or you just need more information about it, we have some answers here. 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. 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 make these requests and find a larger choice of downloadable forms here. 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. We’re currently experiencing high volumes of calls so we’ve put more people on our phones. When your account is ready to be activated we’ll send you a letter. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers. We’re delighted you’ve joined us from Legal & General. What can I do? Working together. Are there any other changes to my SIPP I should know about? Click here to read our Cookie Policy, and to find out how you can adjust your browser’s cookie settings. If the member wants to retire at a different date, you can contact us to inform us at the time. Will pay future policy benefits and service customers about it, we ’ referred! Want to know following your policy provides information, our facilitated adviser charging arrangements on Legal & General mature business! Just gone through and lifestyle risks means HMRC will have an annuity with both parts... Or 31st of the transferring policies, will pay future policy benefits and service customers to tax... 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