HSBC Pensions Transfer to ReAssure

Beetlebug

I recently received a letter from HSBC Life (UK) Ltd informing of their propossed transfer of of some of its Pensions and Annuity business over to ReAsure Ltd. The reason given "following a strategic review, HSBC has decided to cease providing insured pensions in the UK." I have never heard of ReAssure, but found some negative comments from holders of pensions with Windsor Life. Does anyone out there have experience with ReAssure?

dunstonh

Does anyone out there have experience with ReAssure?

yes. They are a company that buy up closed insurance company books.

I have never heard of ReAssure, but found some negative comments from holders of pensions with Windsor Life.

Which means nothing to you so dont worry about it.

pnaybour

Hi

I am not very happy with the way this transfer is being managed.

My HSBC pension disappeared of my HSBC internet banking at the end of August, and since then I have had no communication from re-assure. I would have though by now we would have had a closing balance report from HSBC and a opening statement from re-assure. I don't even have a policy number. I am not even sure what was the exact value transferred to re-assure.

I have e-mailed re-assure via their website but they have yet to reply.

The information says that they will send us a statement after 12 months, but this seems a long time to go without an opening account statement.

Is this just me or are other people feeling nervous about where their money has gone.

dunstonh

My HSBC pension disappeared of my HSBC internet banking at the end of August, and since then I have had no communication from re-assure.

1 - did HSBC have the correct address?
2 - Is your statement due?

I would have though by now we would have had a closing balance report from HSBC

Its not closing. It is not a new product. it has the same terms. It will continue as is apart from the change of logo in the corner. In most cases with the same policy number. The software (and possibly hardware that supports it if hard coded) will be moved.

jamesd

pnaybour wrote: »

I am not very happy with the way this transfer is being managed.

Why didn't you do something about out it, like not just sitting and waiting for things to be done to you but transferring instead to a place of your choosing?

Like other firms dealing with inactive pension books you should look to avoid having any active pensions handled by ReAssure because their financial incentives are all wrong for your own interests: to minimise their costs since most of the people they get as customers are the ones who don't have a choice - an annuity in payment already - or just don't care.

ReAssure have some funds with similar names but the performance of these funds is likely to be adversely affected by their lack of new business. With no way to win new business from outperformance, their incentives are to get funds managed as cheaply as possible, regardless of performance.

You don't have to just sit still for it. You can still transfer once you can track down whatever ReAssure has. At whatever price they will charge you for a transfer.

The money will show up, eventually, just be aware that you're now with a place that has an incentive to provide the cheapest possible service and don't expect anything better.

Yarnspinner

I wasn't too worried about the transfer from HSBC as the fund is only small, but I was shocked when I received my statement from Reassure for the forecast for my annual pension. It is 20% less than what was forecast by HSBC in their statement just six months ago. Tried to call, but no one's got back to me. Feeling ripped off!




Just heard back to be told it's down to the stock market crash and the falling stock market values in China.

Thrugelmir

Yarnspinner wrote: »

Just heard back to be told it's down to the stock market crash and the falling stock market values in China.

That's the nature of investing. The London market hasn't crashed either. The downward trend reflects the fact that Company results on the whole haven't been as good as were expected. Something which has been on the radar for some months now.

dunstonh

I was shocked when I received my statement from Reassure for the forecast for my annual pension. It is 20% less than what was forecast by HSBC in their statement just six months ago.

Probably because the assumptions being used have changed. That is unless you are invested 100% in equities which could account for a drop of that size given recent short term declines.

Feeling ripped off!

This is not the Daily Mail. Here we prefer to work on facts rather than claim rip off on things we don't understand. There is no rip off on a company taking over the books of another. It is most likely a change in assumptions and recent short term investment performance. Assumptions dont change what you have or what you will get. They are just changes in the example figures.

atush

I am shocked too,

aS to why you didn't transfer your pension elsewhere (instead of Reassure). you could have?

Mrs_Kay_2

I have just received a closing statement from ReAssure as the policy has been moved. I had planned a transfer out of HSBC before the handover but this was not done in a timely manner and the fund went into the ReAssure transfer. It appears I have also lost some funds in the past six months and have spoken to ReAssure this morning to request a breakdown of the fund but they don't have the balance that was sent from HSBC in September, this will be sent by post to me after investigation. I was told my pension fund was transferred from HSBC to ReAssure on 1st September 2015. The lady I spoke to on the HSBC specific desk was very helpful and did indeed call me back.

Linton

Transfer of pension funds happens all the time. In my case a large GAR pension was transferred shortly before payment was due to Phoenix who like ReAssure manage closed accounts. Like Dunstonh says, all I noticed was that the letter heading had changed. Phoenix's management has been faultless and their customer support excellent.