Individual pensions explained

Put simply, a pension is a tax-efficient savings plan that you can pay into in order to build up a pot of money to support you in retirement.

Individual pensions are also known as defined contribution, or money purchase, pensions. Money paid into these is invested and could go down as well as up. This means the final value of your pension pot will depend on how much you’ve paid in, and performance of the funds you invested in (or the performance of the with-profits fund if you’re a with-profits customer).

If you want to know more about what you can do with your pension when you come to take your money you should read Your retirement options.

Safeguarded benefits

If you have a final salary pension, a Guaranteed Minimum Pension, or a pension with a Guaranteed Annuity Rate these are known as Safeguarded benefits. It is important to note that in most cases, these benefits will be lost if you choose any retirement option other than taking an annuity with your existing pension provider. If you’re not sure whether you’ve got one of these pensions you can find out from your most recent annual statement.

Before you make any decision about your retirement, we recommend you use the government’s free and impartial guidance service, Pension Wise, available to anyone over 50 wanting to discuss their retirement options. You can contact the Pension Wise service on www.pensionwise.gov.uk.

You should also consider getting advice from a financial adviser, and in some circumstances you have to. A Financial Adviser will provide you with appropriate tailored financial advice taking into account your individual personal circumstances. If you don’t have a financial adviser you can find an Adviser in your area at www.unbiased.co.uk. You may have to pay for this advice.

Related documents

Use the drop down below to get the documents and help you need

Fund prices

Money paid into the policy buys units in one or more investment funds. The value of these units can go up or down in line with the investments that make up the fund, affecting the final value when money is taken.

The easiest way to start searching for fund information is to look at your most recent annual statement and type in the name of one of your funds into the search box below. From this we’ll be able to show you funds that are only available to customers from your original policy provider and your fund type.

Please note that not all funds will be available for your particular policy, so you should look at your policy documents to find out what you can invest in. Remember if you look at the total charges for any of the funds, you may also have product charges too. You can find out about these from your policy documents.

The majority of our prices are shown online in pence (GBX) apart from former Alico funds which are shown in pounds (GBP).

The value of the units is not guaranteed and can go down as well as up.

Useful documents

Click here to access useful documents for ReAssure funds

Important information

The information made available on Morningstar’s tool is taken from a variety of sources and is for general information purposes only. The information has not been tailored to your particular circumstances and does not constitute a personal recommendation or financial advice.

If you need assistance in reviewing your investments, you should speak to a Financial Adviser. You can find a Financial Adviser in your area at unbiased.co.uk.

You should also read Morningstar’s general disclaimer here

Money paid into a policy is invested in a with-profits fund, together with the savings of other policyholders.  Bonuses may be declared by ReAssure and added to the policy, depending on how the investments in the with-profits fund perform.

There are three with-profits funds that ReAssure customers are invested in:

  • The Guardian Assurance With-Profit Fund
  • The National Mutual With-Profit Fund
  • The Windsor Life With-Profit Fund

If you’re not sure which with-profits fund you’re invested in, you should look at your most recent annual statement or bonus notice.

Guardian Assurance
With-Profit Fund

National Mutual
With-Profit Fund

Windsor Life
With-Profit Fund

Where can I go to get help?

ReAssure is unable to provide financial advice or make a personal recommendation, but we can provide you with factual information about your policy and your options.

However, there are places you can go for help.

How do I access the money from my pension?