L&G transfer to ReAssure

KenK68

dunstonh said:

It is possible that they have applied an MVR in case anyone decides to leave prior to the 6/4/2020 but if so then why not answer my questions.

No it is not.   

Actually it is, I received a reply this morning from L&G.
"The MVR will only apply if you move your pension to another provider prior to the transfer to ReAssure. As the decision to transfer the pension book to Reassure is L&G's decision not yours the the MVR will not apply to you as we made the decision not you."
Makes a bit more sense now, pays to check.
The move might be delayed as the Court hearing in Jersey has been moved to 30/3/2020 unless the judge in Jersey makes the decision more quickly than the UK court they will miss the 6/4/2020

dunstonh

Actually it is,

No it is not.     The MVR is due to the market decline.   It has nothing to do with the Reassure purchase.

KenK68

L&G and ReAssure have postponed the pension book transfer.
Covid 19 is cited as the reason.
L&G and ReAssure will be applying to the various courts at some point to arrange a new transfer date.

grimsalve

Resurrecting this thread as it looks like the L&G to ReAssure transfer is finally going ahead in September. I was looking on the L&G website earlier and they mentioned that customers should read the information pack if they have any queries, but I've never received an information pack. I phoned the L&G Transfer Helpline and a rep told me they're in the process of sending them out at the moment (they're leaving it a bit late).
Fingers crossed everything will be okay!

Black_Cat2

Does anyone else find it annoying when policies are moved or is it just me lol

Albermarle

Black_Cat2 said:

Does anyone else find it annoying when policies are moved or is it just me lol

Pensions is a business in a competitive marketplace , so there are mergers , acquisitions etc.
No different from any other business . As long as your rights are protected and your money is safe then just have to go with it .

dunstonh

Black_Cat2 said:

Does anyone else find it annoying when policies are moved or is it just me lol

The Life companies selling their legacy books were not interested in modernising their systems and were not putting the resources in.   So, better to be with a company that wants you rather than being with one that does not.

And it should be noted that the policy isn't being moved.  The policy will remain exactly where it.  Same number, same T&C running on the same software for very many years to come.   Just the logo in the corner will change.

In reality, the books being bought are largely made up of out-of-date pensions that could probably be improved by moving to a modern scheme unless there are safeguarded terms or special terms that make it viable to remain.

Black_Cat2

I presume won't be able to access policies through L&G website anymore but need to setup a new account etc with Reassure?  I too did not/have not received any correspondence on this and didn't even know it was happening. 

Black_Cat2

Albermarle said:

Black_Cat2 said:

Does anyone else find it annoying when policies are moved or is it just me lol

Pensions is a business in a competitive marketplace , so there are mergers , acquisitions etc.
No different from any other business . As long as your rights are protected and your money is safe then just have to go with it .

Yes agreed, just find it a faff is all 😊

garmeg

Black_Cat2 said:

I presume won't be able to access policies through L&G website anymore but need to setup a new account etc with Reassure?  I too did not/have not received any correspondence on this and didn't even know it was happening. 

ReAssure is in the process of being bought by Phoenix Life Group and it is likely to be possible to view the policy through the My Phoenix portal once the policies are migrated to the Phoenix administration system - though that may take a while.

ReAssure may have their own online system for the interim.