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

Latest information as at 22 October 2019 – Revised dates to be agreed

We’re deferring the transfer date

Legal & General and ReAssure have jointly agreed to defer the transfer date (previously expected to be 4 November 2019). This also means the sanction hearing at the High Court has been deferred (previously arranged for 17 October 2019). Legal & General and ReAssure have applied to adjourn the scheduled hearings in the Royal Court of Guernsey and the Royal Court of Jersey (previously arranged for 25 October and 22 October 2019 respectively).

In our previous communications to our customers, and in the ‘Important documents’ on this webpage, we stated that we could defer the transfer date. We are currently working to agree a revised transfer date which will allow us some additional time to ensure a smooth and successful migration of policy data to ReAssure.

What does this mean for our customers?

Please note, as soon as we have agreed the revised dates for the sanction hearing at the High Court, the Royal Court of Guernsey and the Royal Court of Jersey, and the expected transfer date, we will update this webpage. Importantly, no other elements of the transfer are changing. We recommend that you keep checking this webpage over the coming weeks so you are kept up-to-date with the latest information.

Notifying our customers

During July and August 2019, we sent all impacted customers a personalised information pack in the post. It provided full details of the proposed transfer to ReAssure, including any changes affecting their particular contract(s). The expected date for the proposed transfer has been deferred and we will announce the revised date on this webpage as soon as it has been agreed (previous expected transfer date was 4 November 2019). Our customer information pack and all of the important documents we’ve submitted to the court(s) as part of the legal transfer process can be found here.

We’ll be posting important updates about the progress of the proposed transfer in the ‘Important updates’ section, so we encourage you to check this webpage at regular intervals.

Transferring to ReAssure

Guiding you through our information pack.

Please note: The transfer date given in this video is now out-of-date. All other information remains correct. Please check the ‘Important updates’ section of this webpage for latest news about progress of this proposed transfer

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. Visit our adviser centre.

How will the proposed transfer take effect?

The proposed transfer will be carried out as an insurance business transfer scheme (the Scheme) under Part VII of the Financial Services and Markets Act 2000. This requires us to obtain approval of the Scheme from the High Court of Justice of England and Wales (the High Court), and where applicable from the local Courts of Jersey and Guernsey.

During July and August 2019, we sent all policyholders and other interested parties an information pack. The information pack provides full details of the Scheme and we recommend that all policyholders and other interested parties read their information pack carefully. You can find the information pack under Important documents.

For details on how we use your personal information, please read our privacy policy here.

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. We will announce the revised dates as soon as they are available.

Employer and Member notifications

Notification for employers and members of trust-based pension schemes

PDF file: Example Employer letter PDF size: 149KB  

Example Member letter 
(For Trustees to upload to your computer and complete member information)

PDF file: Guidance Notes for Trustees: For Trustees who’ve agreed to mail their pension scheme members PDF size: 72KB  

PDF file: Scheme Guide: Transferring to ReAssure PDF size: 925KB  
(Trustees to upload to your computer if emailing to your members, or print hard copies for members)

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. The date of the High Court hearing has been deferred (previously scheduled for 17 October 2019). We are working with ReAssure to agree revised dates for these Court hearings and will announce them on this webpage as soon as they are available. 

Important updates about the proposed transfer will be posted in the 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.

Timetable of events

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Date Event
11 July 2019 Directions Hearing at the High Court of Justice to seek approval for Legal & General Assurance Society Limited and ReAssure Limited to begin notifying policyholders of the Proposed Transfer
15 July 2019

Directions Hearing at the Royal Court of Jersey to seek approval for Legal & General Assurance Society Limited and ReAssure Limited to begin notifying policyholders of the Proposed Transfer.

Note: A Directions Hearing is not required to be held at the Royal Court of Guernsey

To be agreed Sanction Hearing at the
High Court of Justice,
7 Rolls Buildings,
Fetter Lane,
London
EC4A 1NL
To be agreed Sanction Hearing at the
Royal Court of Jersey,
The Royal Court House,
Royal Square,
St Helier,
Jersey
JE1 1JG
To be agreed Sanction Hearing at the
Royal Court of Guernsey,
The Royal Court House,
St Peter Port,
Guernsey
GY1 2NZ
To be agreed Proposed 'Transfer Date'

We will announce the revised dates for the Court hearings and the transfer as soon as possible. We would encourage you to check back to this webpage at regular intervals.

Contact us

You can contact us if you have any further questions or concerns about the proposed transfer.

*Opening hours: Monday to Friday, 9am to 5pm (excluding bank holidays and public holidays) For international calls, call charges will vary. We will record and monitor calls.

If emailing us, please be aware that email isn’t a secure method of communication.

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Policy transfer enquiries only Telephone number Mailing address Email address
Policy Transfer Team*

UK-Freephone: 0800 048 1026

International calls: +44 1273 374130

Policy Transfer Team
Legal & General
PO Box 5458
City Park
The Droveway
Hove
BN52 9GL
scheme.response@landg.com

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Legal & General's solicitors
UK and overseas residents Slaughter & May
(Ref: RAC/LKXH)
One Bunhill Row
London
EC1Y 8YY
Jersey residents Mourant Ozannes
(Ref: Mathew Du Val)
22 Grenville Street
St Helier
Jersey
JE4 8PX
Guernsey residents Mourant Ozannes
(Ref: Andrew Grant)
Royal Chambers
St Julian’s Avenue
St Peter Port
Guernsey
GY1 4HP