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

Latest updates

7 September 2020 – The transfer of Legal & General policies to ReAssure is complete

The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. 

From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers . Find out more – PDF file: Transfer Certificate PDF size: 287KB   

We recommend that you visit ReAssure’s website at www.reassure.co.uk/LG-welcome

Find more detail about all these updates -  PDF file: Important Update PDF size: 52KB

Previous updates

2 September 2020 – The Jersey Court and Guernsey Court have approved the proposed transfer of policies to ReAssure 

The Royal Court of Jersey and the Royal Court of Guernsey have both approved the proposal to transfer the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited. Find out more – PDF file: Court Order for the Jersey Scheme sanctioning the transfer of business PDF size: 3.5MB  and PDF file: Court Order for the Guernsey Scheme sanctioning the transfer of business PDF size: 296KB .

We expect to transfer policies to ReAssure on 7 September 2020 (the Transfer Date).

20 August 2020 – The High Court has approved the proposed transfer of policies to ReAssure 

The High Court of Justice of England and Wales (the High Court) has approved the proposal to transfer the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited. Find out more – PDF file: High Court Order PDF size: 568KB   

The sanction hearing at the Royal Court of Jersey is scheduled to take place on 26 August 2020 for the Jersey Scheme. We are also awaiting the ruling from the Royal Court of Guernsey for the Guernsey Scheme. Subject to the approval of the Jersey and Guernsey Schemes, we expect to transfer policies to ReAssure on 7 September 2020 (the Transfer Date). 

10 August 2020 – New documents for submission to the High Court 

The following new documents have been submitted to the regulators and the High Court for review prior to the sanction hearing: 

Find out more PDF file: Addendum to the Second Supplementary Report of the Independent Expert dated 10 August 2020 PDF size: 131KB  

This ‘Addendum’ dated 10 August 2020 provides the Independent Expert’s update on:

  • The finalised financial information in respect of Legal & General and ReAssure as at 30 June 2020.
  • The migration of the policy data from Legal & General to ReAssure to ensure that both firms are operationally ready for the transfer and that the transfer would not cause a detriment to customer outcomes; and
  • Comment on the further objections that have been received from policyholders. 

The updated Main Scheme Document dated August 2020 - See ‘Legal documents’ 

The updated Jersey Scheme Document dated August 2020 - See ‘Legal documents’ 

The updated Guernsey Scheme Document dated August 2020 - See ‘Legal documents ‘

29 July 2020 – The Second Supplementary Report of the Independent Expert is now available

Find out more PDF file: Second Supplementary Report of the Independent Expert PDF size: 4.4MB  

Other new documents are also available:

  • Three letters from the Independent Expert to the High Court that were sent during and following the sanction hearing in March 2020. Each letter gives his response to some specific questions asked by the Judge. See Reports
  • The Second Supplementary Reports of the Legal & General Chief Actuary and the Legal & General With Profits Actuary. See Reports
  • The completion of the acquisition of ReAssure by Phoenix Group Holdings plc has been noted in the updated PDF file: LGWPF PPFM: New ReAssure PPFM PDF size: 695KB  

All documents can be found under Important documents 

These documents have been reviewed by the Regulators and will be submitted to the High Court for review prior to the sanction hearing which will reconvene on Thursday 13 August 2020. The sanction hearing is expected to be conducted remotely on the internet via Skype and via a telephone dial-in facility so as to minimise the risk of transmission of COVID-19.

6 July 2020 – New dates for the sanction hearing and the transfer

Legal & General and ReAssure have agreed to recommence the adjourned sanction hearing at the High Court on Thursday 13 August 2020 and subject to approval by all the Courts, policies are now expected to transfer to ReAssure on Monday 7 September 2020 (the Transfer Date). 

For the separate transfers of policies under the Jersey Scheme and the Guernsey Scheme, the sanction hearing at the Jersey Court was postponed and has been re-scheduled to 26 August 2020. The sanction hearing at the Guernsey Court took place in March 2020 but the decision was reserved pending the ruling of the High Court. The Guernsey Court will only reconvene if it considers it necessary to do so. 

Both companies have assessed the impact of the COVID-19 pandemic on their respective operations and have been able to implement plans to stabilise and successfully manage the situation. Both firms are now confident they can implement a successful migration of the transferring policies at this time and as a result, have been re-engaging with the regulators, the Independent Expert and the Courts to progress the proposed transfer. 

You should be aware that the COVID-19 pandemic may necessitate the use of a remote hearing so as to minimise the risk of transmission of COVID-19. Once the court arrangements have been confirmed nearer the date, we will provide further updates here.

The Transfer Date has been updated in  PDF file: LGWPF PPFM: New ReAssure PPFM PDF size: 695KB   . 

We recommend that you keep visiting this webpage to stay informed. 

25 March 2020 – The proposed transfer has been postponed 

Due to the rapidly changing situation with COVID-19, Legal & General and ReAssure have jointly approached the High Court to seek a delay to the proposed transfer until the situation is more stable. The High Court has agreed to this request, which means the expected transfer date of policies to ReAssure on 6 April 2020 has been postponed. We will look to undertake the proposed transfer at a later date, following further engagement with the High Court, the regulators and the Independent Expert, and the Royal Courts in Jersey and Guernsey. The sanction hearing at the Royal Court of Jersey, scheduled for 30 March 2020, will also be postponed until the situation is more stable. 

We will continue to monitor the situation and provide further updates here when possible.

18 March 2020 – Re-scheduled Jersey Court date

The sanction hearing at the Royal Court of Jersey has been re-scheduled to commence on Monday 30 March 2020. See Timetable of events.

13 March 2020 – The High Court hearing has ended

The hearing at the High Court of Justice of England and Wales to sanction the proposed Part VII transfer of Legal & General’s traditional insurance-based savings, pensions, life and with profits policies to ReAssure concluded on Thursday 12 March 2020. The Judge is now considering his decision. We do not know how long this will take but we will continue to provide updates on the proposed transfer here.

6 March 2020 – Court date moved

The High Court has moved the start date of the sanction hearing from Monday 9 March 2020 to Tuesday 10 March 2020. This was a Court decision and we had no influence over it. 

New documents are available: See ‘Reports’ and ‘Legal documents’ sections under Important documents.

24 February 2020 – Supplementary Report of the Independent Expert is now available

Find out more  PDF file: Supplementary Report of the Independent Expert PDF size: 510KB

Other new documents are also available: See ‘Reports’ and ‘Legal documents’ sections under Important documents.

15 January 2020 – We’ve announced the new expected transfer date

Legal & General and ReAssure have re-scheduled the transfer date to 6 April 2020, subject to approval by the Courts, and the sanction hearing at the High Court will commence on Monday 9 March 2020. See Timetable of events.

6 December 2019 – Sale of ReAssure to Phoenix Group

Swiss Re has agreed to sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. Find out more here.

We don’t expect the transfer of Legal & General policies to be affected by the announcement. 

22 October 2019 – Revised dates to be agreed

Legal & General and ReAssure have jointly agreed to defer the transfer date (previously expected to be 4 November 2019).

Find more detail about all these updates -  PDF file: Important Update PDF size: 52KB

We’ll continue to post important updates about the progress of the proposed transfer here until the Transfer Date.

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). 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.

Legal & General and ReAssure have now agreed an expected date for the proposed transfer of 7 September 2020 (the Transfer Date), subject to approval by the Courts. Previously, the expected Transfer Date was 6 April 2020. We appreciate there have been delays in the transfer process and would like to sincerely thank all our customers for your continued understanding. 

We’ll be posting further 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

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. 

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. Please see the 'Important updates' section of this webpage for the re-scheduled dates.

Employer and Member notifications

Notification for employers and members of trust-based pension schemes

Example Employer letter 

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: 973KB  
(Trustees to upload to your computer if emailing to your members, or print hard copies for members)

Reports

Please select the document(s) that you are interested in.

Documents published August 2020

NEW - PDF file: First letter from the Independent Expert to the Court (11 March 2020) PDF size: 153KB  

NEW - PDF file: Second letter from the Independent Expert to the Court (12 March 2020) PDF size: 148KB  

NEW - PDF file: Third letter from the Independent Expert to the Court (22 March 2020) PDF size: 122KB  

NEW - PDF file: Second Supplementary Report of the Independent Expert PDF size: 4.4MB  

NEW - PDF file: Addendum to the Second Supplementary Report of the Independent Expert dated 10 August 2020 PDF size: 131KB  

NEW - PDF file: Second Supplementary Report of the Chief Actuary PDF size: 289KB  

NEW - PDF file: Second Supplementary Report of the With Profits Actuary PDF size: 259KB  

Documents published February 2020

PDF file: Supplementary Report of the Independent Expert PDF size: 510KB  

PDF file: Addendum to the Supplementary Report of the Independent Expert PDF size: 131KB  

PDF file: Supplementary Report of the Chief Actuary PDF size: 16.4MB

PDF file: Supplementary Report of the With Profits Actuary PDF size: 158KB  

Documents published in July 2019

PDF file: Main Report of the Independent Expert PDF size: 1.6MB  

PDF file: Addendum to Main Report of the Independent Expert PDF size: 81KB  

PDF file: Summary Report of the Independent Expert PDF size: 205KB  

PDF file: Chief Actuary Report PDF size: 1.5MB   

PDF file: With Profits Actuary Report PDF size: 376KB  

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.

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

Commencing 13 August 2020 Sanction Hearing at the
High Court of Justice,
7 Rolls Buildings,
Fetter Lane,
London
EC4A 1NL
26 August 2020 Sanction Hearing at the
Royal Court of Jersey,
The Royal Court House,
Royal Square,
St Helier,
Jersey
JE1 1JG
Note: This Court will only reconvene if it considers it necessary to do so Sanction Hearing at the
Royal Court of Guernsey,
The Royal Court House,
St Peter Port,
Guernsey
GY1 2NZ
7 September 2020 Proposed 'Transfer Date'

It may be necessary to amend the timetable above. 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

caption
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