Legal and General pension transfers

brian3

Hello
I have a L & G private pension, just been informed by L & G that they are proposing to transfer a block of private pensions to Re-Assure Ltd by 4 Nov 19.
I have looked at some inter net reviews, and some comments are not very favorable, are other people in this same situation?, and have they any comments about RE-Assure, as i am very confused as to what i should do.

xylophone

https://forums.moneysavingexpert.com/discussion/5921216

SonOf

I have looked at some inter net reviews, and some comments are not very favorable,

Which legacy company were the Reassure reviews on? it is absolutely pointless comparing the service on one legacy company they have bought with another.

ReAssure have bought dozens of legacy books and the service is normally comparable to the level of service the legacy provider offered.

They buy unwanted and dead or near dead life and pension legacy books. Over time they look to move them onto their own sytesms but in the interim they run them on the same systems. Bad reviews are nearly always down to the legacy company not putting the resources in and you would have had the same reviews had the book stayed with the legacy company.

krn

Hi Brian! Im in the same boat. Have a Stakeholder pension from 2002, and im still paying into that scheme. Very frustrating that L+G are attempting to move my pension to another company without my approval.

SonOf

Very frustrating that L+G are attempting to move my pension to another company without my approval.

To be clear L&G are not moving your pension. Your pension will continue exactly as it is.

Companies sell up in all walks of life. It really is nothing unusual or strange apart the disappointment of seeing another once-strong brand leave the market. However, as previously said, they left the market years ago in commercial reality. They didnt want to continue and their product development (or lack of) highlights that.

A 2002 stakeholder pension is likely to be out-of-date compared to modern options. Both in costs and functionality.

Albermarle

Pensions change provider all the time , so it is nothing unusual or suspect.
It's happened to me a couple of times and everything just carried on the same . The contract you have with L&G will just be carried over.

T_Watts

I smell BS from some of the replies here. I suspect some respondents have some kind of vested interest in ReAssure or L&G.
Both my wife and I have L&G stakeholder pensions. My pot is well over £100k, her pot is a few hundred pounds.
She has received a letter notifying her of a proposed transfer to ReAssure. I have not.
Clearly L&G are only offloading their low value pots, but are quite happy to keep the larger ones.

SonOf

I suspect some respondents have some kind of vested interest in ReAssure or L&G.

You suspect wrong.

Clearly L&G are only offloading their low value pots, but are quite happy to keep the larger ones.

Again you are wrong.

Perhaps if you put your nose to better use, you would not make these mistakes.

L&G are selling their legacy life and pensions book. The value of individual plans is irrelevant.

Albermarle

I smell BS from some of the replies here

In which case I suggest you go away and deal with the situation without our help. ( although in fact there is no situation to deal with )

T_Watts

Suspiciously fast rebuttals. Methinks the ladies protest too much.
Apparently it's quite normal to offload your low value pots, and keep the high value pots. Nothing to see here.

SonOf

T_Watts wrote: »

Suspiciously fast rebuttals. Methinks the ladies protest too much.
Apparently it's quite normal to offload your low value pots, and keep the high value pots. Nothing to see here.

I suggest you take your sexist trolling elsewhere. You are not going to provoke a response. This section is for grownups.