Costs and Charges
Steven Blight – Company Nominee
“Some customers receive better value for money from charges than others depending on the original issuing company. Lower charge options within ReAssure Ltd are available for some customers.”
Value for money indicator
Why we gave this score
ReAssure Life Limited (RLL) policies were originally sold through Independent Financial Advisers (IFAs). They have a defining characteristic that investment choice was based on an ‘open architecture’ approach, which gave IFAs access to hundreds of external investment funds. Choosing an external third-party fund led to an additional associated charge.
The average regular ongoing annual charge for customers (weighted by fund value) is 1.08% per year.
- We regularly monitor transaction costs and are comfortable these remain reasonable for most funds.
- One main fund does have increased transaction costs in 2024 with ReAssure providing the reasons for this. We will continue to monitor this fund in 2025.
- We monitor other charges you may pay for additional benefits and guarantees.
- We are happy that any other charges you pay are reasonable and offer value for money.
- For ReAssure Ltd customers, where you are paying above 0.75% per year without any additional benefits, we believe you can get better value for money and encourage you to consider your options.
- For RLL customers, the vast majority of you are invested in externally managed funds which come with additional costs not under the control of ReAssure. This results in a higher overall charge than you could receive elsewhere and we urge you to consider the alternative options available to you.
- Most of you will pay no exit charges.
- For those of you who would pay an exit charge it is limited to 1% of your fund value.
Some additional information
More information is available here (this link will take you to the website of Standard Life, which is part of the same group of companies as ReAssure).
