Proposed policy transfer to ReAssure
In December 2017 we announced our decision to sell our traditional insurance-based savings, pensions, life and with profits business to ReAssure Limited (ReAssure). ReAssure's core business is acquiring and administering closed portfolios of insurance business. ReAssure is therefore experienced in managing this type of business and well-suited to take over from Legal & General.
You can find out more about ReAssure and its history by visiting reassure.co.uk/about-us
Transferring policies include - with profits policies, with profits bonds, portfolio bonds, individual stakeholder and personal pension plans, with profits and non profit annuities, regular savings plans, mortgage endowment plans and some individual protection insurances.
The High Court of Justice in England and Wales (the Court) is required to approve the transfer of the policies to ReAssure and the proposed transfer date is planned for 2019.
In 2019, we will be writing to all our customers who are affected with advanced notification of the proposed transfer. At that time, we will enclose a detailed information pack for customers to review and will allow reasonable time to consider the proposals, and how it will affect them and their policy.
Why is this important to you?
It's particularly important to be aware of this change, if you are:
- Transferring into a Legal & General pension; or
- Increasing your contributions in your Legal & General pension plan(s); or
- Adding to your investment in your Legal & General Portfolio Bond or Select Portfolio Bond,
as, subject to the Court approval next year, ReAssure will be the provider of your policy, pay future policy benefits and manage your policy from the date the policies are transferred (the Transfer Date). ReAssure will write to all customers whose policy(ies) is transferring with its new contact information.
What does this mean for me now?
Until the Transfer Date, we are committed to managing your policy and you should continue to contact us as normal with any enquiries until then.
Where can I find out more?
Please speak to your financial adviser, or contact us.