Important information for residents of Italy on the UK’s withdrawal from the EU
Why are we contacting you?
Following the request of Italian regulatory authorities, we wish to let you know that as the UK has now left the European Union (‘EU’) and Legal & General Assurance Society Limited (‘LGAS’) is an insurance company based in the UK, it is no longer able to benefit from the passporting rights to conduct cross-border business within the EU that previously existed between the UK and the European Economic Area (which includes the EU).
Find out what it means for your workplace pension
As the provider of pension arrangements under Legal & General Stakeholder Pension Plan and WorkSave Buy-Out Plan, or the insured funds under WorkSave Pension Plan (operated by Legal & General (Portfolio Management Services) Limited (‘PMS’)), LGAS will however be able to continue to provide services to you under your current pension arrangement.
What this change in passporting rights means for you?
We would like to confirm to you that we will continue to service your policy as we currently do and intend to honour existing contractual obligations. This means for example, that we will continue to accept contributions and provide ongoing account services including certain options for accessing your pension pot such as taking advantage of drawdown options (where available under your plan).
Legal & General does however reserve the right to review this position in the future. If this occurs, and we need to take action that will impact you, we’ll advise you as soon as we are reasonably able to let you know how we intend to deal with the situation.
If we make a change to the terms and conditions of your policy and you are not happy with it, you can choose to transfer the value of your arrangement to another provider. In these circumstances, you will need to pay any outstanding charges and may incur fees, charges and costs for cashing in or selling investments where applicable.
Where to go for complaints or dispute resolution?
You continue to have the option to raise a complaint to us in the normal way. Also, you continue to have the option to raise a complaint to the Financial Ombudsman Service (‘FOS’) if you do not feel we have taken appropriate action. The FOS offer a free and impartial service to settle complaints between consumers and businesses that provide financial services.
As a UK based insurer, LGAS continues to be authorised by the Prudential Regulation Authority (‘PRA’) and regulated by the PRA and the Financial Conduct Authority (‘FCA’). PMS continues to be authorised and regulated by the FCA.
Contact details for the PRA:
Contact details for the FCA:
Financial Conduct Authority
12 Endeavour Square
London E20 1JN
Telephone: 0800 111 6768 (freephone) or 0300 500 8082 from the UK (Monday to Friday: 8am to 6pm and Saturday: 9am to 1pm), or +44 207 066 1000 from abroad.
What do you need to do?
If you have any questions about this update or want to talk to us about your pension arrangement, you can email us at firstname.lastname@example.org, contact us via My Account, or call our member helpline on +44 345 070 8686, between 9.00am and 5.00pm UK time Monday to Friday.