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Old legal and general with profits pension being sold to Reassure

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  • If I went for a personal pension is there a website that lists different providers, costs and performance tables as surely some perform better than others?
  • dunstonh
    dunstonh Posts: 119,781 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I can't find much out about the other pensions this company has bought and what the performance is like.

    It doesnt matter as those funds have nothing to do with the fund you are in.
    If I went for a personal pension is there a website that lists different providers, costs and performance tables as surely some perform better than others?

    Pensions do not perform. The investment funds you place in the pension is where the performance is. Modern pensions can have 30,000 investment options. You could have a Standard Life pension with Aviva funds and an Aviva pension with Standard Life funds. The provider is little more than an administrator nowadays.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh wrote: »
    Nutmeg is not a great comparison though. Their returns are not that good and their financial position is dire. It isnt comparing like for like.

    What are your thoughts on Pension Bee?
  • I can only start a pension bee pension by transferring in ....

    I and looking to possibly leave the wp pension.

    I'm actually looking at the HL portfolio+ and master portfolios - both would fit my needs I think
  • dunstonh
    dunstonh Posts: 119,781 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What are your thoughts on Pension Bee?

    Much the same as most robo providers. Great for small amounts. Especially if they encourage the young to do something. However, not so good for larger amounts.

    There is a financial pressure on robo providers. Failures are expected in that market due to lack of profitability.
    I'm actually looking at the HL portfolio+ and master portfolios - both would fit my needs I think

    Nothing wrong with it but probably more expensive than what you have and more expensive than using an IFA. If you plan to DIY, then its usually an objective to save money if you are not going to use a professional. Paying more sort of defeats the purpose of DIY.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Very true - I thought maybe HL would be a cheaper option a managed sipp
  • peterbaker
    peterbaker Posts: 3,083 Forumite
    edited 11 September 2018 at 11:51PM
    I can't find much out about the other pensions this company has bought and what the performance is like.
    You might spend an interesting half hour trawling through common directorships on companieshouse.gov.uk and looking at older full accounts of associated companies.

    You would find that Guardian Assurance Limited (first registered 1893 and the famous plc of that name until 2011) is one such, and for some reason for just 8½ months from 23 Jun 2016 - 10 Mar 2017, it carried the name Reassure Life Ltd before the name was reverted to Guardian Assurance Limited.

    In the Guardian Assurance 2005 Full Report & Accounts you will find telling comments about how closed with-profit funds should eventually distribute all their assets - question is who to? Some say that any 2018 with-profits investor with a modest appetite for a bit of a flutter might leave one or two with-profits policies alone for a few years more and see what happens when you are one of the last few policyholders left in the fund or if a new board wants to release some funds for its shareholders and can only do it if it simultaneously gives a special distribution to remaining policyholders or some such. The word "tontine" sometimes gets mentioned in discussions about what happens at the end of a with-profit fund's life! Who knows how some will pan out ...

    If you trawled a bit further you would find that Matt Cuhls, boss of Reassure since 2013, and also National Mutual Life Assurance Society which he dissolved just a year ago, followed 10 years behind a previous CEO of National Mutual - (Sir) Clive Cowdery of the somewhat notorious "Resolution plc". And the keener eyed amongst readers might note that the current CEO of Aviva UK Life & Pensions (£61bn of w-p funds under management) is Andy Briggs who was CEO of Resolution.

    Then I suppose all the UK with-profits funds have been sniffed around by circling vultures for at least 15 years now, and many have been sold, split, combined, resplit, recombined and of course renamed several times.

    Clearly there ara amall number of trusted people in the team that do this sort of stuff ... a quick read of reviews on Glassdoor gives a little further enlightenment on the sort of outfit employees think Reassure might be to work for, and also reminds that the company is said to be borne out of Windsor Life and AdminRe: https://www.glassdoor.com/Reviews/ReAssure-Reviews-E37212.htm
  • Thanks for that, I had previously gone to that page, but didn't look at the other documents.

    It is quite reassuring (ha) that all 3 wp funds shown are doing similar to L&G (if I'm reading it right)
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