The Brexit transitional period ended on 31 December 2020. This doesn’t affect customers living in the UK, but it can affect you if you’re living in a European Union (EU) or European Economic Area (EEA) country.
So we’ve put together some questions and answers (Q&As) for customers living in EU or EEA countries.
Can I keep my UK bank account?
Your bank has to tell you if they intend to close your account, and some UK banks have already contacted customers living in the EU or EEA about this. If you haven’t heard from your bank yet, and you want to know if your bank account will stay open, you should contact them as soon as possible.
What should I do if my UK bank account is closed?
If you currently use your UK bank account to pay money to us, or receive money from us, you’ll need to act. If you have another UK bank account, or you’re able to open a new one, let us know and you’ll be able to continue paying or receiving money in the same way as before.
Find out how to change your bank details in the Q&As for your former provider.
Can I open a new UK bank account?
Unfortunately, we can’t say for certain whether this is possible or not. We know some UK banks have shut existing accounts for EU and EEA residents, and others are allowing the same customers to keep their bank accounts open. The best way to check is to contact the banks directly.
What happens if the UK bank account I use to receive money from ReAssure is closed and I don’t act?
We’ll have to stop making payments to you. We’ll only be able to restart, and pay any missing payments, when you confirm your new bank account, or tell us how you want to receive your money.
What happens if I’m already receiving money from ReAssure into a local (non-UK) bank account?
If we began making regular payments into your local bank account before 31 December 2020, these payments will continue as before, and will not stop because of the end of the Brexit transitional period.
What happens if the UK bank account I use to pay premiums into my life policy or bond is closed, and I don’t act?
This depends on the type of policy you have:
- If some or all of your policy is invested, it will continue even if your premiums stop. But it will be less likely to grow in value, and any life cover or additional benefits you have may be permanently lost. Also, if you have any ongoing policy charges, these will continue to be taken from your policy.
- If you have a protection policy, we won’t receive your premiums, which could have the following consequences:
- your cover and any additional benefits you have may end, and if they do
- you will not be able to claim, and
- you may not be able to reinstate them in the future.
If you stop paying premiums we’ll write to let you know how this affects your policy and what your options are. You’ll only be able to restart premiums when you confirm your new bank account, or another way of paying us.
Depending on the type of policy you have, you may also have to answer some questions about your health.
What happens if the UK bank account I use to pay contributions into my pension is closed, and I don’t act?
We won’t receive contributions from you, so your pension will be less likely to grow in value. Also, any additional benefits (including life cover) provided by your pension will either be lost entirely, or if they continue, will be paid for by deducting from your pension’s value.
If you stop paying contributions we’ll write to let you know how this affects your pension and what your options are. You’ll only be able to restart contributions after you confirm your new bank account, or another way of paying us.
How moving to Austria affects your policy?
If you move to Austria, the Austrian Tax Authority’s Insurance Premium Tax (IPT) may need to be paid on any money you pay into your UK life policy. We’ll tell you more about this if you move to Austria, or you can call us for more information.
What if things change again?
The information on this page is based on our current understanding of the Brexit process, and how it affects our customers. We’ll continue to review our approach in light of evolving regulations and customer feedback and we’ll update this page if anything changes.
Where can I find more information about my banking options?
You can find useful information at:
ukfinance.org.uk/consumer-guide-retail-banking-european-union-after-brexit
Who is ReAssure regulated by?
We remain authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The FCA’s Head Office is at 12 Endeavour Square, London, E20 1JN. The PRA’s Head Office is at 20 Moorgate, London, EC2R 6DA.
How can I make a complaint?
Our usual complaints process will continue to apply and your right to refer complaints to the UK’s Financial Ombudsman Service free of charge remains. In addition, if you have any dispute with us, you may also be entitled to bring a claim before a competent court in your home country.
How do I give details for my new UK bank account?
If you’re changing to another UK bank account, the simplest way of letting us know is by filling in our Online Contact Form.
Make sure you complete all the fields. In the big box at the bottom explain that you want to change your bank account and give your old account number and sort code, new account number and sort code and National Insurance number (so we can identify you)
If you pay money to us by Direct Debit, we’ll collect from your new bank account. If we pay money to you, we’ll pay into your new account.
In some cases, we may need identification documents before we can proceed with this request. If this applies to you, we’ll get in touch after you submit your form.
What happens if I don’t have another UK bank account, and I can’t open a new one, and I currently pay contributions or premiums into my ReAssure policy?
Unfortunately, we won’t be able to accept any further premiums into your policy. We’re sorry if this applies to you but our system only allows us to accept premiums in Sterling, by Direct Debit.
What happens if I don’t have another UK bank account, and I can’t open a new one, and I currently receive annuity, drawdown or withdrawal payments from ReAssure?
If you don’t have another UK bank account, we can send payment by cheque (in Sterling) and you can arrange conversion into your local currency. You might have to pay a charge to do this and you may have to wait for your cheque to clear.
If you want us to pay you using this method, let us know by filling in our Online Contact Form.
Make sure you complete all the fields and in the big box at the bottom explain that you want to receive future payments by cheque and include your National Insurance number (so we can identify you).
In some cases, we may need identification documents before we can proceed with this request. If this applies to you, we’ll get in touch after you submit your form.
Are there any changes to my life policy?
Your premiums and level of cover will not be affected (assuming you’ve continued premium payments), but you won’t be able to:
- Increase your premiums or level of cover (unless your policy is already set up to do this automatically).
- Pay one-off premiums into your policy.
- Add any new types of cover or benefits.
- Extend your period of cover or convert your policy into another type of policy.
Please be aware that some of our letters will continue to include these options, even though they will no longer be available to you, so you should check with us if there’s a change you want to make.
Are there any changes to my retirement options?
If you live in an EU or EEA country, ReAssure won’t be able to offer you all our usual retirement options. So, before you decide what to do with your pension pot, we recommend you check which retirement options are available with other UK and local providers, and speak to a financial adviser in your home country.
We’ve summarised your retirement options with us, below:
- You can’t transfer your pension pot into a Retirement Account (our flexi-access drawdown product) as this is only available for customers living in the UK.
- Because of rules governing our ability to set up new policies, you may not be able to buy an annuity through our retirement offering.
- You are still able to take your pension pot as a cash lump sum.
Please be aware that some of our letters will continue to include these options, even though they will no longer be available to you through ReAssure. This will help you compare the retirement options available for UK customers with the options available in your home country.
Are there any other changes to my pension I should be aware of?
You can continue to pay existing regular contributions into your pension. However, you won’t be able to increase the value of your regular contributions (unless they are already set up to increase automatically) or make any one-off contributions into your pension.
Is there any other way I can contact you?
You can call us on +44 1708 678 832 between 8.30am and 5.30pm (UK time), Monday to Friday, not including bank holidays.
How do I give details for my new UK bank account?
If you’re changing to another UK bank account, the simplest way of letting us know is by filling in our Online Contact Form.
Make sure you complete all the fields. In the big box at the bottom explain that you want to change your bank account and give your old account number and sort code, new account number and sort code and National Insurance number (so we can identify you).
If you pay money to us by Direct Debit, we’ll collect from your new bank account. If we pay money to you, we’ll pay into your new account.
In some cases, we may need identification documents before we can proceed with this request. If this applies to you, we’ll get in touch after you submit your form.
What happens if I don’t have another UK bank account, and I can’t open a new one, and I currently pay contributions or premiums into my ReAssure policy?
If you have a local bank account, your local bank may be able to arrange a way of making Sterling payments to us, as we cannot accept payments in other currencies. Your bank will need to make sure we receive the exact amount, in Sterling.
In some cases, we may need identification documents before we can proceed with this request. If this applies to you, we’ll get in touch to let you know.
What happens if I don’t have another UK bank account, and I can’t open a new one, and I currently receive annuity or drawdown payments from ReAssure?
If you have a local bank account, we can make use of a service provided by Citibank, who will use an exchange rate to convert the payment into your local currency. They will also deduct a flat-rate charge (currently £2.74), plus a conversion fee, from each payment.
If you want us to pay you using this method, let us know by filling in our Online Contact Form.
Make sure you complete all the fields. In the big box at the bottom explain that you want to receive payments into your local bank account and give your old account number and sort code, new account details, including bank name, BIC and IBAN, and National Insurance number (so we can identify you).
In some cases, we may need identification documents before we can proceed with this request. If this applies to you, we’ll get in touch after you submit your form.
What happens if I don’t have another UK bank account, and I can’t open a new one, and I currently receive regular withdrawals from my ReAssure life policy?
If you don’t have another UK bank account, we can send payment by cheque (in Sterling) and you can arrange conversion into your local currency. You might have to pay a charge to do this and you may have to wait for your cheque to clear.
If you want us to pay you using this method, let us know by filling in our Online Contact Form.
Make sure you complete all the fields and in the big box at the bottom explain that you want to receive future payments by cheque and include your National Insurance number (so we can identify you).
If it’s not convenient for you to receive payment by cheque, we may be able to pay directly into a local bank account. The money is transferred from us to your local bank via a third party bank (HSBC). Their transfer charge is deducted from each payment (currently £3.50), unless you receive your money annually, in which case there is no charge. Your local bank will use an exchange rate to convert your money into your local currency, and may deduct a conversion charge. If you’d like to know more about this, please call us.
In some cases, we may need identification documents before we can proceed with either of these requests. If this applies to you, we’ll let you know.
Are there any changes to my retirement options?
If you live in an EU or EEA country, ReAssure won’t be able to offer you all our usual retirement options. So, before you decide what to do with your pension pot, we recommend you check which retirement options are available with other UK and local providers, and speak to a financial adviser in your home country.
We’ve summarised your retirement options with us, below:
- You can’t transfer your pension pot into a Retirement Account (our flexi-access drawdown product) as this is only available for customers living in the UK.
- Because of rules governing our ability to set up new policies, there may be other changes, which depend on the type of pension you have and your former provider (before ReAssure):
- Customers with a final salary pension (also known as defined benefits), a Guaranteed Minimum Pension (GMP) or a pension with a Guaranteed Annuity Rate (GAR): You can still set up a ReAssure annuity to benefit from your pension’s guarantee. If you have a GAR, you can choose to take all your pension as a cash lump sum, but you’ll need to get advice from an FCA-registered, financial adviser if it’s worth over £30,000. If you have a final salary pension or a GMP you’re not usually able to take your pension as cash, so you should check with us first if you’re interested in taking this option.
- Customers with a former Legal & General pension: You’re still able to take all your pension pot as a cash lump sum and you may be able to buy an annuity through your former provider, Legal & General. Also, if your pension allows you to take drawdown (without transferring into another policy), you are still able to do this.
- All other ReAssure pension customers: You may not be able to buy an annuity through our retirement offering, but you will still be able to take your pension pot as a cash lump sum.
Please be aware that some of our letters will continue to include all retirement options, even though some will no longer be available to you through ReAssure. This will help you compare the retirement options available for UK customers with the options available in your home country.
Are there any other changes to my pension I should be aware of?
You can continue to pay existing regular contributions into your pension. However, you won’t be able to increase the value of your regular contributions (unless they are already set up to increase automatically) or make any one-off contributions into your pension.
Are there any changes to my life policy?
Your premiums and level of cover will not be affected (assuming you’ve continued premium payments), but you won’t be able to:
- Increase your premiums or level of cover (unless your policy is already set up to do this automatically).
- Pay one-off premiums into your policy.
- Add any new types of cover or benefits.
- Extend your period of cover or convert your policy into another type of policy.
Please be aware that some of our letters will continue to include these options, even though they will no longer be available to you, so you should check with us if there’s a change you want to make.
Is there any other way I can contact you?
If you can’t find what you’re looking for on this website you can call us on +44 123 4297722 between 8.30am and 5.30pm (UK time), Monday to Friday, not including bank holidays.
