Transfer of business from Legal & General to ReAssure

7 SEPTEMBER UPDATE

The Transfer Certificate confirming the legal effective date of the Scheme has been added and can be viewed here.

21 AUGUST UPDATE

Following the High Court approval of the transfer of business from Legal & General to ReAssure we have published the court order.

If you’re a transferring Legal & General customer click here.

20 AUGUST UPDATE

The High Court approved the transfer of business from Legal & General to ReAssure today (20 August 2020).

This means approximately 1 million Legal & General policies are anticipated to transfer to ReAssure on 7 September 2020.

10 AUGUST UPDATE

We’ve published four new documents:

An Addendum to the Independent Expert Second Supplementary Report.
The August 2020 Updated UK Scheme. This is the latest version of the UK Scheme, written after changes to the High Court and transfer dates
UK Scheme: comparison of new vs March 2020 version. This shows what’s been changed since the last version of the UK Scheme
The August 2020 Updated Jersey Scheme. This is the latest version of the Jersey Scheme, written after changes to the High Court and transfer dates.

29 JULY UPDATE

The second Supplementary Report from the Independent Expert is now available

Other new and updated documents are also available:

Three letters from the Independent Expert (letter 1, letter 2, letter 3) to the High Court that were sent during, and following, the hearing in March 2020. Each letter gives his response to specific questions asked by the Judge.
An updated Principles and Practices of Financial Management for the L&G With-Profit Fund. This includes amended wording to reflect the acquisition of ReAssure by Phoenix Group.
New Chief Actuary Second Supplementary Report and With Profits Actuary Second Supplementary Report.

These documents have been reviewed by the regulators and will be submitted to the High Court for review prior to the High Court hearing, which is due to recommence on 13 August 2020. This hearing is expected to be conducted remotely to minimise the risk of COVID-19 transmission.

If you want to attend the remote hearing, via Skype or telephone dial-in, please contact us as soon as possible for details.

6 JULY UPDATE

We have set a new transfer date of 7 September 2020 and updated key information below:

In March 2020 the High Court hearing took place to consider the proposed transfer. Because of the fast-developing global Coronavirus (COVID-19) pandemic, Legal & General and ReAssure asked the Court to adjourn the hearing until the situation had stabilised. The Court agreed to this request.
The Court hearing will now recommence on 13 August 2020. If the High Court approves the proposed transfer, it will take place on 7 September 2020.
The COVID-19 pandemic may mean that the Court hearing is conducted remotely.

The Jersey Court hearing scheduled for March 2020 was postponed and has been re-scheduled for 26 August 2020.

A Guernsey Court hearing is scheduled for 28 August, but will only be held if the Guernsey Court decides a hearing is necessary.

We’ve updated the Principles and Practices of Financial Management document for the L&G With-Profit Fund, to reflect the new transfer date.

Also, around two weeks before the High Court hearing, we’ll publish a new Independent Expert Supplementary Report on this page. This will contain comment on the latest status of the proposed transfer.

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.