L&G sale to Reassure

PaulRE

I've been a Pension Savings Plan investor with L&G for over 25 yrs, in March this year I reached my elected retirement age (unkown to me or remembered by me, otherwise I would have extended it for 2 more years) so L&G automatically changed it status to closed. I only found this out when I called them to ask if there was a problem with my direct debit, so now I have pension pot which I've now decided what to do with, so this week I tried to contact them to advise my wishes!
I've now discovered why they were so quick to close my plan! they've sold it to some Swiss/Japanese company called Reassure and from what I can make out they will hold my money and advise on my best way forward. Is this correct? I'm so confused by there actions any advice would be greatly recieved

SonOf

I've now discovered why they were so quick to close my plan! they've sold it to some Swiss/Japanese company called Reassure and from what I can make out they will hold my money and advise on my best way forward. Is this correct?

No it is not correct.

Reassure are buying L&G's legacy book. However, that is at the corporate level. Not at the individual level. They are not closing your plan. Your plan will continue on the same terms it set up on using the same policy number and statements etc will continue to look the same for many years as the same systems will be used.

ReAssure, like L&G do not provide advice. They are a product provider. Not an adviser.

Albermarle

I've now discovered why they were so quick to close my plan! they've sold it to some Swiss/Japanese company called Reassure and from what I can make out they will hold my money and advise on my best way forward. Is this correct?

It is difficult to be sure without knowing all the details but I think you are mixing up two issues.
You probably have an old plan that had a finish date ( more modern plans do not ) . Normally you would have expected they would have informed you - do they have your correct address?

The sale of their pension book to Reassure is a totally unrelated action . Your money is safe , only it will be with a different pension administrator. This type of thing happens all the time with pensions. In this case L&G have been losing interest in providing pensions for years .
Although L&G are more of a household name than Reassure , in fact they are well known in the pensions industry.