reassure legal and general

On December 28th, 2020, posted in: Uncategorized by

7 Sep 2020. This means HMRC will have to re-check your current tax code. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers . Will there be any change to the tax I pay on my regular drawdown payments? We’re inviting the majority of eligible customers who have been actively using Legal & General’s online portal since 1 January 2018 straight away. All the bonus information for each member will be contained within the annual statement, so you’ll no longer receive a separate bonus notice as well. Will this change under ReAssure? If you receive income from your policy, you’ll get a P60 from ReAssure in April or May 2021. Before coming to ReAssure, L&G only purchased units on a weekly basis and held the funds until the day of purchase. You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. Following from Legal & General passing over my pension fund I created a ReAssure Now logon to manage it. Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday. You shouldn’t notice any change – although we’ll start the process of paying you five days earlier, you’ll still get your money on the same date as before. Regular payments for a fixed term to maximise tax efficiency. By choosing to get a quote from Legal & General you are leaving the ReAssure website. If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. In addition, most customers will also get an opening statement from us or will already have received a closing statement from Legal & General. Swiss Re has agreed to purchase 1.1 million life insurance policies from UK financial service provider Legal & General Group PLC (L&G) for GBP 650 million. If the member wants to retire at a different date, you can contact us to inform us at the time. Even so, it may take longer than usual to get through to us. Shortly afterwards I needed to change my email address. For more information about your funds click here. From 7 September 2020 ReAssure is the new provider of the transferring policies, will pay future policy benefits and service customers. If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. If your Direct Debit is collected between these dates, there won’t be any changes to how your payments are collected and allocated. After the transfer, we’ll pay income drawdown directly into customers’ bank or building society accounts instead. You’ll have access to either a Scheme Relationship Manager or our Scheme Relationship Team who will support you with any queries. When your account is ready to be activated we’ll send you a letter. Legal & General is responsible for the information provided within their site. This will cover the key things you need to know following your policy’s transfer to ReAssure. Statements will continue to be received by the same method as provided by Legal & General. This will mean that most customers taking income drawdown will no longer need to keep their SIPP bank account. ReAssure only collects Direct Debits on dates from the 1st to the 28th of the month. Yes, following the transfer your investments with ReAssure will still be covered by the Financial Services Compensation Scheme, in the same way as before. Who do I contact after the transfer about my SIPP? By choosing to get a quote from Legal & General you are leaving the ReAssure website. ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. Using a secure message through my ReAssure online account I informed them I would be changing … You can make these requests and find a larger choice of downloadable forms here. LV= is responsible for the information provided within their site. We expect this to be the case for most transferring annuity customers. Read the SIPP Terms Sheet and the SIPP Member’s Booklet. 2.2 The Legal & General Assurance Society was founded in 1836. You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. On 7 September 2020, the mature-savings business (the “Business”) of Legal and General Assurance Society Limited (“LGAS”) transferred to ReAssure Limited (“ReAssure”). If you’d like to know more about ReAssure you can read about us here. We’ve done this to simplify our communications with you – for example, policies that receive Annual Statements will get one letter each year rather than a number of very similar communications. We are experiencing some delays in replying to requests, however all queries are dealt with as soon as we can and in date order. Some customers who currently receive capped drawdown income (on the 29th, 30th or 31st) will have their payment date moved back to the 1st of the following month instead. Why is it so difficult to get through to ReAssure? Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays. Will I notice any changes after the transfer? If we’re transferring your annuity, we’re also required to change your HM Revenue & Customs (HMRC) tax office. The agreement reflects Legal & General’s commitment to the annuities market and is the fourth of its kind for the FTSE 100 financial services company, following similar arrangements with AEGON, ReAssure and Sun Life Financial of Canada. Because it takes longer to process payments to overseas customers, we’re going to move your payment date forward by five days. ReAssure has now taken the place of LGAS for your insurance cover and the ISA will continue to be managed by UTM. A life and pensions consolidator is different. If you’d like to change to a different date, please contact us. If you register to use the ReAct portal, you’ll be able to tell us about any scheme leavers through this. If you have a pension and you’re under 55, we’ll send your annual statement on your birthday. Potentially higher income for some medical conditions and lifestyle risks. It’s also important to note that any charges applied to your policy will be unaffected by this change. Equipment is up-to-date and well maintained. If you service other policies that remain part of Legal & General, you’ll still be able to view these policies using existing Legal & General online services, where applicable. Finally, if you need to contact us in writing our postal address is: ReAssure, Windsor House, Telford TF3 4NB. Anyone affected? We cannot pay on the 29th, 30th or 31st of the month. If your income or personal details have changed HMRC may decide that your current tax code is no longer valid. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. The transfer of the traditional insurance-based savings, pensions, life and with profits policies of Legal & General to ReAssure Limited has been completed. We cannot pay on the 29th, 30th or 31st of the month, so if you’re currently paid on any of these dates we’ll move your payment date forward to the 28th. You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk. If you currently receive payments on any of these dates we’ll move your payment date forward to the 28th of the month. From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. Most new business comes from word-of-mouth. This action stops these customers from receiving 13 monthly payments in a single year, which could mean paying more tax. I receive regular payments from my pension or life policy on the 29th, 30th or 31st of the month. We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. This gave us a short period before the transfer date, meaning that some customers won’t hear from us until a little while after the transfer’s taken place. Watch our animation to find out more about life and pensions consolidators, and why companies choose ReAssure to take over their policies. If this is the case, you should make sure you both read the pack, but the information will be the same in each. Are there any other changes to my SIPP I should know about? We expect this to be the case for most transferring customers with drawdown. We're introducing customers to Legal & General for annuity quotes, but we don't directly control their products and services. ISA funds will be passed to UTM on the same day they’re received by ReAssure and your money will be invested using the daily unit prices immediately following receipt of the instruction. After the transfer, your money will be credited into your bank account on the same day as your due date. This could affect the tax you pay on your income, so you may want to check with a tax adviser or regulated Financial Adviser if you’re affected by this. If your policy currently increases every three or five years, this will change to yearly after the transfer. We've done our best to avoid complex jargon, but take a look at our jargon buster if you need more explanation on any terms we use. Because we’re transferring your policy, we’re also required to change your HM Revenue & Customs (HMRC) tax office. How will ReAssure tell me about commission payments? It's important to shop around and get as much guidance and advice as you need before you make any decisions about what's best for you. Legal and General handled my pension well for many years, but shortly before my chosen retirement date I found myself transferred to the hilariously inappropriately named ReAssure. Clients should contact us directly to tell us about a change of address as you cannot do this on their behalf. This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. Business Comment. ReAssure and Legal & General are proud to be working together. How should I contact ReAssure after the transfer? What happens if my client has changed address? In this letter, we’ll also explain how we plan to reinvest your outstanding balance (if you have one). I can’t find my policy or policies / I have fewer policies than before. We’ll send members’ statements on your scheme anniversary, so you can then forward on to your members. This is available to all Advisers, even if you weren’t offered telephone support from Legal & General. There is no change to your terms & conditions, or the features, values and benefits that your policy provides. Business News. Legal & General Assurance Society Limited (“Legal & General”) has proposed to transfer its traditional insurance-based savings, pensions, life and with-profits to ReAssure under Part VII of the Financial Services & Markets Act 2000. What does this mean for existing ReAssure customers? Will this change under ReAssure? When we can’t do this, we have to send separate letters for separate policies. : In November my L&G stakeholder pension (c.£260k) is going to be moved to ReAssure as part of a sale and transfer of all such products. If this applies to you, and we think you can do without your SIPP bank account, we’ll write again shortly after the transfer. If you choose to wind up the scheme at a future date, we’ll confirm the options available so you can confirm the options available to your members in line with your scheme rules. This means we’re experts in the type of transfer you’ve just gone through. We use cookies to make it easier for you to use our website. If you’ve received a letter asking you to activate your secure ReAssure Now account, you can read our ReAssure Now Frequently Asked Questions for more information and help with activating your account. For advisers who are part of a network, the payment is sent to the network along with a statement. More than 3,000 customers in … Because of the way our system works, it’s not always possible for us to combine policies into the same letter. Please note: Origo Transfer Service can only be used by platforms, third-party administrators, providers, SIPP & SSAS providers and other organisations. All FMISA premiums will now be collected by ReAssure using Direct Debit. Because of the way Legal & General make your payments, your money is actually credited into your bank account a day before your due date. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out. Find out more about Origo Transfer Service >. I wonder if anyone here is similarly affected, and if so, what your thoughts are? We’ll need your agency number for any questions about commission. We’re currently experiencing high volumes of calls so we’ve put more people on our phones. Existing renewal commission will continue to be paid. The only differences after the change are: In future you may need to speak with either ReAssure or UTM about your FMISA. ReAssure is a ‘life and pensions consolidator’, taking on blocks of policies from other companies rather than setting up new ones for new customers. We're introducing customers to Legal & General for annuity quotes, but we don't directly control their products and services. Legal & General and ReAssure have now confirmed the transfer of the Portfolio Plus Self-invested Personal Pension (SIPP) and Portfolio Plus Pension is taking place on 7 September 2020. We have over 70 customers using our Origo Transfer Service which equates to over 120 brands. Statements will continue to be received by the same method as provided by Legal & General. As well as this scale and experience, we’ve been awarded an A+ (Strong) rating by leading ratings agency Fitch who noted, “…ReAssure’s rating reflects the insurer’s strong business profile and profitability and very strong capital position.”. My Pensions were transferred from Legal and General in September. Legal & General's Group website provides information for shareholders, journalists and those interested in career opportunities at Legal & General. Legal & General to sell its closed Mature Savings business to Swiss Re for £650m Legal & General Group Plc ("Legal & General") announces that it has today reached agreement to sell its Mature Savings business to the ReAssure division of Swiss Re Ltd ("Swiss Re") for £650m. If your scheme is paying contributions and you’ve registered for the ReAct portal, you’ll be able to access additional copies of your member’s statements here. Are you going to write to me? Working together. When your account is ready to be activated we’ll send you a letter. For more information, our Facilitated adviser charge guide is available here. If you don’t need an immediate reply you can contact us at a later date, or use our online contact form. Receive income from your policy will be administered: will there be any change to a date... Of annuities and ranked among the FTSE top 100 companies get more statements! Scheme leavers by post, phone or email, values and benefits that your policy, and to out. 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