ReAssure Ltd

zolablue25

ReAssure have ended up with my contracted out of SERPS Personal Pension fund (I hope I have used the correct terminology).

I was reading an old "panicky" thread about this company (that I didn't want to resurrect) and there was a reply from the esteemed dunstonh that said "Reassure are closed for business".

What does this actually mean?

Thanks

dunstonh

It means they are not open for new business.

They buy old insurers that have closed down for new business or bits of business other insurers no longer want. Not for the intention of selling new products but just running the contracts to the end.

zolablue25

Thanks for the swift reply. Am I able to transfer any contracted out personal pension to a SIPP? Not saying I want to, just curious as to whether its a possibility.

dunstonh

yes you can.

Do remember that these old closed books do contain some very good plans in with the dross. Not everything old is obsolete or bad. So, don't assume anything.

And be careful of internet reviews. These closed book companies buy up lots of different books from others. So, someone could be talking about ReAssure but not your part of ReAssure. Whilst the old books get transferred under the same company name, the legacy administration centres continue in place until they can be merged into other systems and locations. Which can take years.

Mnd

Yes my wife had a "forgotten" pension that we eventually tracked down to reassure and we transferred it to hl no problem

zolablue25

dunstonh wrote: »

yes you can.

Do remember that these old closed books do contain some very good plans in with the dross. Not everything old is obsolete or bad. So, don't assume anything.

And be careful of internet reviews. These closed book companies buy up lots of different books from others. So, someone could be talking about ReAssure but not your part of ReAssure. Whilst the old books get transferred under the same company name, the legacy administration centres continue in place until they can be merged into other systems and locations. Which can take years.

Thanks that has certainly put my mind to rest somewhat. I guess the best thing to do is to go through my original paperwork (if I can find it) and look at the details of the plan I'm in and see if I would be better off moving it or not.

Presumably, even though I'm now with Reassure, my original terms are still valid?

zolablue25

Apparently there are no guarantees with this pension so I wouldn't lose anything in that regard by transferring the pension fund. I'm having trouble working out the price of the funds and their fees. The particular funds I'm in are:
Managed (Type 1) Pension 3 star Series 01
Managed (Type 1) Pension 4 star Series 01
Managed (Type 1) Pension 5 star Series 01

I've managed to find them on Morningstar but can't find a "Price" for them. They do, however, show a Net Asset Value - can I use this figure for a "price" for my units?

Unfortunately, I can't find anything on the Morningstar website that shows the fees. Is that normal? Is the only way I can find out the fees by contacting Reassure directly?

Thanks

TrickyDicky101

Go here:

https://www.reassure.co.uk/your-funds/

Fund Prices section and "Unit Linked Fund Information" - you can type in just the name of the funds to get the information.

When you say fees - do you mean ongoing fees (e.g. Annual Maitenance Charges (AMCs)) or do you mean withdrawal fees for transferring the business? The AMCs should be listed in the fund information. Transfer fees may not apply at all.

dunstonh

Many of these old plans are multi-charge and not mono charge. i.e. its not AMC only. They can have spreads, allocation rates, rebates, bonuses, cap/acc units etc. You cant rely on a fund factsheet to tell you the charges. Especially if the charges are at contract level rather than fund level.

You need to ask the provider.

zolablue25

TrickyDicky101 wrote: »

Go here:

https://www.reassure.co.uk/your-funds/

Fund Prices section and "Unit Linked Fund Information" - you can type in just the name of the funds to get the information.

When you say fees - do you mean ongoing fees (e.g. Annual Maitenance Charges (AMCs)) or do you mean withdrawal fees for transferring the business? The AMCs should be listed in the fund information. Transfer fees may not apply at all.

I had already tried that TD and couldn't find my actual funds (even though, when I typed the name in, it recognised it as a GAN fund). When you type in the fund name a whole list of stuff comes up but not one that matches the actual fund name.

Edit: Forget that, I'm just an idiot. Sometimes I think my eyes are only painted on!. Thanks

zolablue25

dunstonh wrote: »

Many of these old plans are multi-charge and not mono charge. i.e. its not AMC only. They can have spreads, allocation rates, rebates, bonuses, cap/acc units etc. You cant rely on a fund factsheet to tell you the charges. Especially if the charges are at contract level rather than fund level.

You need to ask the provider.

Thanks D, I will do that and see where I can go from there.

Your help, as always, is much appreciated.