25 MARCH UPDATE

The transfer of business from Legal & General to ReAssure has been deferred.

Due to the rapidly changing situation with Covid-19 / coronavirus, ReAssure and Legal & General jointly approached the High Court to seek a delay to the transfer until the situation is more stable. The Judge has confirmed his agreement to this request to adjourn the Hearing and we will continue to speak with the UK, Guernsey and Jersey Courts to ensure new dates are scheduled as soon as practicable.

Although we were fully operationally ready to migrate to ReAssure’s systems, and waiting for the UK and Guernsey Courts’ decision to sanction the Scheme, given the Covid-19 circumstances we have made this difficult decision to delay. We believe this ensures we can offer the best possible service to our customers and helps protect our employees at this difficult time.

This will mean that the initially planned transfer of all Legal & General mature savings policyholders to ReAssure on 6 April 2020 will no longer take place.

This is an unprecedented and difficult time for everyone and we would like to sincerely thank you for your understanding. We’ll provide any further updates on this page when possible and we recommend you keep checking our website for updates.

19 MARCH UPDATE

The Royal Court of Jersey hearing has been rescheduled. The amended dates are:

  • Royal Court of Jersey hearing: 30 March 2020 (change from 20 March).
  • Royal Court of Guernsey hearing: 20 March 2020 (no change).
  • High Court hearing: finished (waiting for Court decision)

We’ll update this page if there are any more changes to these dates.

12 MARCH UPDATE

The High Court hearing to consider the transfer of business from Legal & General to ReAssure has finished and we’re now waiting for the Judge’s decision.

We’ll update this website when the High Court reaches a decision, and if the date of the Jersey and Guernsey hearings changes.

6 MARCH UPDATE

We added the Independent Expert Side Note to Supplementary Report to this page.

5 MARCH UPDATE

The UK High Court has informed us that the court hearing to consider the transfer of business from Legal & General to ReAssure will now begin on 10 March 2020, instead of 9 March as previously advised.

The start time and Court room will be released between 1pm and 4pm on the day before the hearing, on the High Court’s website.

We recommend you continue to check this ReAssure web page for further updates.

3 MARCH 2020 UPDATE

We added the following documents to this page:

25 FEBRUARY 2020 UPDATE

We added the following documents to this page:

You can find the new documents alongside the existing ones at the bottom of the page.

About the transfer

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?

If you already have a ReAssure policy, it will not be moving anywhere and you’ll still use the same contact details as before to get in touch with us. Similarly the proposed transfer will not make any changes to your policy or the way we administer it, and by employing more staff, we’ll make sure there’s no effect on the level of service we provide.

A letter has been sent to ReAssure customers to explain about the transfer. If you haven’t yet received your letter, you can download both this and the supporting documents below.

What does this mean for Legal & General customers?

Legal & General has sent an information pack to transferring customers to explain about the transfer. This pack contains:

  • A covering letter
  • Scheme guide

If you haven’t yet received your pack, you can download the documents below.

Related documents for the proposed transfer from Legal & General to ReAssure

The transfer and Court dates shown in some of the documents below have changed. The new dates are:

  • Transfer: 6 April 2020
  • High Court hearing: 10 March 2020
  • Royal Court of Jersey hearing: 30 March 2020
  • Royal Court of Guernsey hearing: 20 March 2020

Download the following documents (if you don’t have a PDF reader, use this link):

Updated UK Scheme
This is the legal document that sets out the terms of the transfer in the UK. Updated on 3 March 2020.

UK Scheme: comparison of new vs July 2019 version
This shows what's been changed in the updated UK Scheme.

UK Scheme summary
This is a summary of the UK scheme document.

Independent Expert Report
This is the report from the Independent Expert, who was appointed to give his opinion on the likely effect of the proposal on policyholders.

Independent Expert Summary Report for ReAssure policyholders
This is a summary of the Independent Expert’s Report for ReAssure policyholders.

Independent Expert Summary Report for Legal & General policyholders
This is a summary of the Independent Expert’s Report for Legal & General policyholders.

Side Note to Independent Expert Report
This is a side note to the Independent Expert’s Report which gives his view on the suspension of the proposed Initial Public Offering of ReAssure.

Independent Expert Supplementary Report
This is the supplementary report from the Independent Expert. Added on 25 February 2020.

Independent Expert Side Note to Supplementary Report
This is a side note to the Independent Expert's supplementary report and gives his view on developments since 24 February 2020. Added on 6 March 2020.

UK Legal Notice
This sets out the details of the UK Court hearing.

Updated Jersey Scheme
This is the legal document that sets out the terms of the transfer in Jersey. Updated on 3 March 2020.

Your questions answered about the Legal & General transfer
This document answers some questions ReAssure policyholders may have about the transfer.

Sample policyholder letter
This is an example of the letter sent to existing ReAssure policyholders.

Sample letter for Jersey & Guernsey policyholders
This is an example of the letter sent to existing ReAssure policyholders resident in Jersey and Guernsey.

Sample letter for scheme administrators
This is an example of the letter sent to existing ReAssure scheme administrators.

Sample letter for financial advisers
This is an example of the letter sent to existing ReAssure financial advisers.

Sample letter for Hannover Re policyholders
This is an example of the letter sent to existing Hannover Re policyholders.

Sample letter for LV= policyholders
This is an example of the letter sent to existing LV= policyholders.

Sample letter for LV= financial advisers
This is an example of the letter sent to existing LV= financial advisers.

Sample letter for Namulas policyholders
This is an example of the letter sent to existing Namulas policyholders.

Sample letter for Namluas financial advisers
This is an example of the letter sent to existing Namulas financial advisers.

Chief Actuary Report
This is a report on the transfer provided by the Chief Actuary.

Chief Actuary Supplementary Report
This is the supplementary report from the Chief Actuary. Added on 25 February 2020.

With Profits Actuary Report
This is a report on the transfer provided by the With Profits Actuary.

With Profits Actuary Supplementary Report
This is the supplementary report from the With Profits Actuary. Added on 25 February 2020.

Sample policyholder letter for with-profits policyholders
This is an example of the covering letter for with-profits policyholders from the transferring policyholders pack.

Sample policyholder letter for stakeholders
This is an example of the covering letter for stakeholder policyholders from the transferring policyholders pack.

Sample policyholder letter for trustees
This is an example of the covering letter for trustees.

Trustee Guidance Notes
This is an example of the guidance notes included in the pack for trustees.

Sample letter for scheme members
This is an example of the covering letter for scheme members.

Scheme Guide
This is an example of the Scheme Guide from the transferring policyholders pack.

Principles and Practices of Financial Management (PPFM)
Assuming the transfer is approved by the High Court, this version of the PPFM for the L&G With Profit Fund will take effect once the transfer has taken place.

Privacy Notice
This explains how ReAssure will process the data of transferring Legal & General customers ahead of the transfer.

SIPP Member's Booklet
This is the Member's Booklet to be used by transferring Legal & General SIPP customers once the transfer has taken place.

SIPP Terms Sheet
This is the Terms Sheet to be used by transferring Legal & General SIPP customers once the transfer has taken place.

SIPP Liquidity Policy
This is the Liquidity Policy to be used by transferring Legal & General SIPP customers once the transfer has taken place.