Welcome to ReAssure

I haven’t received anything from ReAssure yet. Are you going to write to me?

We’re sending a welcome letter to everyone who’s joined us from Legal & General. This will cover the key things you need to know following your policy’s transfer to ReAssure. Don’t worry if you haven’t received one yet – we haven’t forgotten you and we’ll write before the end of October.

In addition, most customers will also get an opening statement from us or will already have received a closing statement from Legal & General. This will include a current value and basic policy information.

Why haven’t you written to me already?

More than 800,000 policies transferred to ReAssure so we needed to send our welcome letters in batches, but we could only start sending after the transfer was approved by the High Court. 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.

Why is it so difficult to get through to ReAssure?

We’re currently experiencing high volumes of calls so we’ve put more people on our phones.  Even so, it may take longer than usual to get through to us. If you need to speak to someone you may get through quicker by avoiding peak times, so try calling us before 10.30 or between 3 and 5.30 pm. If you don’t need an immediate reply you can contact us at a later date, or use our online contact form.

I’m having problems with ReAssure Now. What can I do?

If you’re having problems accessing ReAssure Now, or you just need more information about it, we have some answers here

I can’t find my policy or policies / I have fewer policies than before. Why is this?

We’ve grouped some policies together following the transfer from Legal & General, where customers had multiple policies of the same type. 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.

There is no change to your terms & conditions, or the features, values and benefits that your policy provides. It’s also important to note that any charges applied to your policy will be unaffected by this change.

Will ReAssure make any changes to when my Direct Debit is collected?

ReAssure only collects Direct Debits on dates from the 1st to the 28th of the month. If your Direct Debit is collected between these dates, there won’t be any changes to how your payments are collected and allocated.

If your Direct Debit is collected on the 29th, 30th or 31st of a month, we’ll automatically switch collection following the transfer to the 28th of each month. If you’d like to change to a different date, please contact us.

I receive regular payments from my pension or life policy on the 29th, 30th or 31st of the month. Will this change under ReAssure?

We cannot pay on the 29^th, 30^th or 31^st of the month. If you currently receive payments on any of these dates we’ll move your payment date forward to the 28^th of the month.

Some customers who currently receive capped drawdown income (on the 29^th, 30^th or 31^st) will have their payment date moved back to the 1^st of the following month instead. This means, for example, if you’re due to get paid on the 30 November, you’ll now get paid on the 1 December. This action stops these customers from receiving 13 monthly payments in a single year, which could mean paying more tax.

If you’d prefer to be paid on another date (between the 1^st and the 28^th), please contact us.

When will I get my annual statement?

If you have a life policy, we’ll send your annual statement on your policy anniversary.

If you have a pension and you’re under 55, we’ll send your annual statement on your birthday. If you’re 55 or older, we’ll send it six months before your birthday.

If you’ve allocated money to capped drawdown, your annual statement will be sent shortly before the start of your drawdown review year.

Access to online services

You’ll no longer have access to Legal and General’s online services for policies that have transferred to ReAssure. If you have other policies that remain part of Legal and General, you’ll still be able to view them using any existing Legal and General online services, where applicable.

We’re inviting eligible customers to access ReAssure’s secure online portal – ReAssure Now. Eligible customers are those already registered with Legal and General’s online services. We’re inviting the majority of eligible customers who have been actively using Legal & General’s online portal since 1 January 2018 straight away. When your account is ready to be activated we’ll send you a letter.

Will my life policy increase in the same way?

If your life policy’s cover or premiums increase regularly, there’s a change to how often this will take place for some customers.

If your policy currently increases every three or five years, this will change to yearly after the transfer.

This means, for example, that a premium that would have increased by £15 in three years time, will instead increase by £5 a year, for the next three years.

We’ll send a letter each year to tell you what increase we’re going to apply, and when.

Will I get two P60s in 2021?

If you receive income from your policy, you’ll get a P60 from ReAssure in April or May 2021. This will show all income paid to you (and tax deducted) by Legal & General and ReAssure, during the 2020/2021 tax year. You will not get a separate P60 from Legal & General.

Will there be any change to the tax I pay on my regular drawdown payments?

Because we’re transferring your policy, we’re also required to change your HM Revenue & Customs (HMRC) tax office. This means HMRC will have to re-check your current tax code. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. We expect this to be the case for most transferring customers with drawdown.

If your income or personal details have changed HMRC may decide that your current tax code is no longer valid. If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. In the meantime we may have to apply emergency tax.

This may be a bit more or less than usual, but is unlikely to be applied beyond your first drawdown payment. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out.

Will I still be protected by the Financial Services Compensation Scheme?

 Yes, following the transfer your investments with ReAssure will still be covered by the Financial Services Compensation Scheme, in the same way as before.

I’ve received more than one welcome mailing pack from ReAssure. Why is this?

There are a few reasons why you might have received more than one pack:

• You have a joint life policy and both people on the policy live at the same address. If this is the case, you should make sure you both read the pack, but the information will be the same in each.
• You have more than one type of policy that’s transferring to us, for example, a life policy and a pension. If this is the case, you should read all your packs, as there will be different information in each.

Will I continue to get a single letter covering multiple policies?

Because of the way our system works, it’s not always possible for us to combine policies into the same letter. When we can’t do this, we have to send separate letters for separate policies. This will have an effect on your policies, meaning you’ll get more annual statements and letters than before. We appreciate this may not be quite as convenient, but each letter will clearly reference the policy, or policies, it covers, and we’ll be happy to answer any other questions you have.

I receive annuity payments on the 29^th, 30^th or 31^st of the month. Will this change under ReAssure?

We cannot pay on the 29^th, 30^th or 31^st of the month, so if you’re currently paid on any of these dates we’ll move your payment date forward to the 28^th. If this affects you, and you’d prefer to be paid on a date other than the 28^th, please contact us.

I live overseas and receive payments from my UK annuity. Will I notice any changes after the transfer?

Because it takes longer to process payments to overseas customers, we’re going to move your payment date forward by five days. 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.

However, it may mean you receive two payments in the same month. 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.

My annuity income is paid directly into my bank account. Will I notice any changes after the transfer?

Because of the way Legal & General make your payments, your money is actually credited into your bank account a day before your due date. After the transfer, your money will be credited into your bank account on the same day as your due date.

Will there be any change to the tax I pay on my annuity income?

If we’re transferring your annuity, we’re also required to change your HM Revenue & Customs (HMRC) tax office. This means HMRC will have to re-check your current tax code. If they’re happy it still applies, you won’t notice any change in the amount of tax that’s deducted following the transfer. We expect this to be the case for most transferring annuity customers.

If your income or personal details have changed HMRC may decide that your current tax code is no longer valid. If this happens, you don’t have to do anything but HMRC will need to work out your new tax code. In the meantime we may have to apply emergency tax.

This may be a bit more or less than usual, but is unlikely to be applied beyond your first income payment. Once we get your new tax code from HMRC, we’ll apply a tax correction to following payments so you won’t lose out.

My annuity has a with-profit part and a non-profit part. Will the transfer have any effect on it?

If you have an annuity with both these parts, it will be split into two separate annuities after the transfer. This will not affect your income payments, which will still be combined into one regular payment.

We’ll write to you each year about the parts of your income that can change. This means you’ll get a letter about your income from the with-profit part of your annuity, as this is linked to your bonus. You’ll also get a separate letter if you’ve chosen to get rising income (income that goes up each year) from the non-profit part of your annuity.

Are there any changes to how you’ll support my scheme?

There will be some changes to how your scheme will be administered:

• You’ll have access to either a Scheme Relationship Manager or our Scheme Relationship Team who will support you with any queries. You’ll be able to contact them on 0808 164 7508 or at scheme.queries@reassure.co.uk.
• You no longer need to request retirement packs when your members are approaching their selected retirement date. We’ll automatically send you information about the options that ReAssure can offer your members approximately seven months before this date, and again approximately three months before this date. If the member wants to retire at a different date, you can contact us to inform us at the time.
• 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.
• You’ll receive one copy of your annual statements each year. 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.
• If you don’t submit your contribution schedule or you don’t pay your contributions for your scheme, we’ll write to you to inform you about this. If you want to know more about ReAssure’s arrears process, 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 don’t use ReAct, you can tell us about scheme leavers by post, phone or email.
• 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.

Will there be any changes to how I pay my contributions?

 If you currently pay your contributions weekly or 4 weekly, we’ll be switching your contributions to monthly when the transfer takes place. If you want to continue to pay your contributions on your current frequency, you can register to use the ReAct portal.

When will I get members’ statements?

We’ll send members’ statements on your scheme anniversary, so you can then forward on to your members.

How should I contact ReAssure after the transfer?

The easiest way of getting in touch with our specialist Adviser team is by calling us on 0800 073 1777. This is available to all Advisers, even if you weren’t offered telephone support from Legal & General.

You can also email us at advisersupport@reassure.co.uk. If you’re including customer data please make sure you encrypt your message.

Finally, if you need to contact us in writing our postal address is: ReAssure, Windsor House, Telford TF3 4NB.

If you’re contacting us about a customer, please make sure you quote the policy number, or have it to hand if you call us. We’ll need your agency number for any questions about commission.

You can find information about commission statements and payments here.

What happens if my client has changed address?

Clients should contact us directly to tell us about a change of address as you cannot do this on their behalf.

It’s easy to change address. Your client just needs to visit our Contact us page to find out how to get in touch, or to download our Change of personal details form.

Access to online services

We will be inviting advisers who are already registered with Legal & General’s online services to access ReAssure’s secure online portal – ReAssure Now. When your account is ready to be activated we’ll send you a letter. Once you’re registered on ReAssure Now you’ll also be able to contact us by secure message.

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. You’ll no longer have access to Legal & General’s online services for policies that have transferred to ReAssure.

How will ReAssure administer commission payments?

Existing renewal commission will continue to be paid. ReAssure will continue to offer new business where applicable to transferring Legal & General products, however no new commission is payable for advice given in respect of new business top ups, regular premium increases or indexation (except for Group pensions).

Sole advisers will receive commission payments directly and a commission statement. For advisers who are part of a network, the payment is sent to the network along with a statement.

Advisers who have been receiving statements on a specific day may start to receive them on different days depending on when the payment threshold is met and payment released. The frequency of commission payments remains unchanged.

How will ReAssure tell me about commission payments?

ReAssure will issue commission statements that contain the information you need. Statements will continue to be received by the same method as provided by Legal & General.

Facilitated Adviser Charges

ReAssure will administer existing facilitated adviser charging arrangements on Legal & General products transferring to ReAssure. For more information, our Facilitated adviser charge guide is available here.

Who do I contact after the transfer about my SIPP?

Customers who are only invested in insured funds should use the following contact details:

• Call: 0800 073 1777
• Write to: ReAssure, Windsor House, Telford TF3 4NB

Customers whose SIPP is wholly or partially made up of self-investments should use the following contact details:

• Call: 0345 646 0381
• Write to: ReAssure SIPP, 2^nd Floor, Fitzalan House, Fitzalan Court, Fitzalan Road, Cardiff CF24 0EL.
• Email: reassuresipp@mercer.com

Remember to quote your policy number when you contact us.

What happens to my SIPP bank account?

Before the transfer, you needed a SIPP bank account if you were taking income drawdown. After the transfer, we’ll pay income drawdown directly into customers’ bank or building society accounts instead. This will mean that most customers taking income drawdown will no longer need to keep their SIPP bank account.

If this applies to you, and we think you can do without your SIPP bank account, we’ll write again shortly after the transfer. In this letter, we’ll also explain how we plan to reinvest your outstanding balance (if you have one).

Are there any other changes to my SIPP I should know about?

There are no other major changes you need to be aware of, but there are a number of minor changes which are shown in the new SIPP Terms Sheet. These include new limits for some types of income drawdown and – for customers invested in the Aegon platform – confirmation that your Aegon platform annual charge can be deducted directly from your SIPP.

Read the SIPP Terms Sheet and the SIPP Member’s Booklet.

What are the changes to the FMISA?

Your FMISA is split into two parts – a stocks and shares ISA which builds up a savings pot designed to pay off your mortgage, and an insurance part which provides you with insurance cover.

Previously your stocks and shares ISA was managed by Legal & General (Unit Trust Managers) Limited (UTM), and your insurance part was administered by Legal & General Assurance Society (LGAS). ReAssure has now taken the place of LGAS for your insurance cover and the ISA will continue to be managed by UTM.

The only differences after the change are:

1. All FMISA premiums will now be collected by ReAssure using Direct Debit.
2. 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. Before coming to ReAssure, L&G only purchased units on a weekly basis and held the funds until the day of purchase.
3. ReAssure will issue an annual statement covering key parts of all elements of your plan. You will receive an Annual Statement for your ISA transactions from Legal & General UTM (Unit Trust Managers) and a Consolidated Contract Note, sent six months after the annual statement.
4. When you take money from your FMISA the request will go via ReAssure to L&G UTM, and your money will be paid from L&G UTM to you via ReAssure. Once the money has been received by ReAssure, L&G UTM are no longer liable for it.

In future you may need to speak with either ReAssure or UTM about your FMISA.

Speak with ReAssure about:

• Changes to your personal details
• Changing your regular payment
• Changes to the amount of cover you need
• Insurance claims
• Withdrawing money from your ISA

Call ReAssure on 0800 073 1777 between 8.30am and 5.30pm, Monday to Friday not including bank holidays.

Speak with Legal & General about:

• Transferring all of your ISA to another ISA provider
• Making additional ISA investments (subject to ISA rules)
• Investment queries about your ISA holdings

Call Legal & General on 0370 050 0955 between 8.30am to 6.00pm, Monday to Friday.