Our traditional insurance-based savings, pensions, life and with profits business
In December 2017 Legal & General announced the sale and proposed transfer of its traditional insurance-based savings, pensions, life and with profits business to ReAssure Limited (ReAssure).
Important updates
About the proposed transfer
Transferring to ReAssure
Important updates
The transfer of policies to ReAssure was completed on 7 September 2020
Policy Transfer from Legal & General to ReAssure Video 2019 video
Overview
Who is 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.
ReAssure has over 2.2 million customers and looks after investments of over £39 billion on behalf of its customers. ReAssure employs over 2,000 staff in locations across the UK.
You can find out more about ReAssure and its history by visiting reassure.co.uk/about-us
Why is Legal & General doing this?
Since 2015, our traditional insurance-based savings, pensions, life and with profits policies have been largely closed to new customers. We’ve chosen ReAssure to take this business forward and now shifted our focus to growing our business in other areas, such as creating new annuity and insurance contracts and well-designed, quality investment options for our workplace savings community.
Transferring policies are: with profits and investment bonds; individual stakeholder, personal pension and with profits group pension policies; with profits annuities; savings and mortgage endowment policies; and some individual protection insurances.
Our newer workplace savings pension schemes are not affected by this proposed transfer to ReAssure.
- ReAssure will be the new provider and will pay future policy benefits
- There will be no change to the value of the policy benefits at the date of the transfer
The transfer of policies to ReAssure is designed to have minimal impact on our customers. But, during and shortly after the transfer, there may be a short period when service levels may be impacted. This is because of the activities required to enable a smooth transfer to ReAssure. Service levels will be back to normal soon after the transfer date.
If you are a financial adviser and have clients with policies that are transferring, we’re communicating with you separately.
Important documents
If you have received an information pack in the post, please read it carefully so you understand what is happening and what it means for you and the policy. Please note the transfer date and court dates shown in these documents are now out-of-date.
Please see the 'Important updates' section of this webpage for the re-scheduled dates.
Next steps
What happens next?
Before the transfer can take place, ReAssure and Legal & General need approval by the High Court and the relevant courts in Jersey and Guernsey. In March 2020 the hearing at the High Court took place to consider whether to approve the proposed transfer of Legal & General policies to ReAssure. However, because of the fast-developing COVID-19 pandemic, Legal & General and ReAssure asked the Court to adjourn the hearing until the situation had stabilised. The Court agreed to an adjournment to a future date.
The sanction hearing will now recommence on 13 August 2020. If the High Court approves the proposed transfer, policies are expected to transfer to ReAssure on 7 September 2020 (the Transfer Date).
Importantly, as a result of the COVID-19 pandemic we expect the sanction hearing to be conducted remotely so as to minimise the risk of transmission of COVID-19.
Important updates about the proposed transfer will be posted in the ‘Important updates’ section of this webpage. Legal & General will also announce the decision of the Courts on this webpage after the Court hearings have taken place.
What’s the process if you wish to object?
If, having read the information available, you have any concerns or feel you may be adversely affected by the proposed transfer, you have the right to object. If you wish to object, it would be helpful if you could let us know as soon as possible and explain the reasons for your objection when you contact us.
We will acknowledge and reply in writing to all objections we receive. We will also submit details of all objections to not only the High Court, which will consider them when reaching a decision on whether to approve the transfer, but also to the regulators (PRA, FCA) and the Independent Expert.