L&G transfer to ReAssure

Spacie22

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. 

I have had a letter from Reassure in today's post with information about activating my online account (available from 9th september). I can still access my account at L&G but apparently (as of 22nd August) I can only do a fund switch over the phone

grimsalve

garmeg said:

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.

So once the dust has settled on the L&G --> ReAssure transfer we're going to have to go through the whole process again for the ReAssure --> Phoenix transfer?

dunstonh

grimsalve said:

garmeg said:

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.

So once the dust has settled on the L&G --> ReAssure transfer we're going to have to go through the whole process again for the ReAssure --> Phoenix transfer?

Ther is no process to go through.   A change of logo, whether once or twice is not a process as far as you are concerned.  Its not as if your pensions are being transferred.  

grimsalve

dunstonh said:

Ther is no process to go through.   A change of logo, whether once or twice is not a process as far as you are concerned.  Its not as if your pensions are being transferred.  

I only wish it was that simple.

dunstonh

grimsalve said:

dunstonh said:

Ther is no process to go through.   A change of logo, whether once or twice is not a process as far as you are concerned.  Its not as if your pensions are being transferred.  

I only wish it was that simple.

It is that simple.   It is not a transfer to a new product.

grimsalve

dunstonh said:

It is that simple.   It is not a transfer to a new product.

It is a new product though, "We’re proposing to transfer policies to ReAssure" and things can go wrong. At the very least all the paperwork needs to be checked thoroughly, there's a new portal to register for, etc.

I went through the same process with Zurich/Scottish Widows a couple of years ago and that wasn't simple at all.

garmeg

grimsalve said:

dunstonh said:

It is that simple.   It is not a transfer to a new product.

It is a new product though, "We’re proposing to transfer policies to ReAssure" and things can go wrong. At the very least all the paperwork needs to be checked thoroughly, there's a new portal to register for, etc.

I went through the same process with Zurich/Scottish Widows a couple of years ago and that wasn't simple at all.

No it is not a new product. It is just being transferred from one company to another with exactly the same terms & conditions and the same policy number even the same staff being TUPEd across to service it.

dunstonh

It is a new product though, "We’re proposing to transfer policies to ReAssure" and things can go wrong. At the very least all the paperwork needs to be checked thoroughly, there's a new portal to register for, etc.

It is not a new product.   It will be the same policy number, same terms, same staff answering the phones, same software generating the letters and the same investment funds.   It will literally be just a logo change in the corner.    In time, Phoenix will look at whether they can be moved onto other software and into their other call centres but if they cannot, they will just keep it running as it is. 

I went through the same process with Zurich/Scottish Widows a couple of years ago and that wasn't simple at all.

Scottish Widows have not sold any of their legacy book.   So, you shouldn't have gone through any process with their plans.

Zurich sold their platform to Embark but its still the same software, accounts etc.  Just a logo change.   However, the legacy Zurich book is still with Zurich (i.e. Allied Dunbar, Eagle Star and Zurich originals)

Maybe you are referring to something different (such as a workplace pension provider being changed by the employer)?

garmeg

dunstonh said:

It is a new product though, "We’re proposing to transfer policies to ReAssure" and things can go wrong. At the very least all the paperwork needs to be checked thoroughly, there's a new portal to register for, etc.

It is not a new product.   It will be the same policy number, same terms, same staff answering the phones, same software generating the letters and the same investment funds.   It will literally be just a logo change in the corner.    In time, Phoenix will look at whether they can be moved onto other software and into their other call centres but if they cannot, they will just keep it running as it is. 

I went through the same process with Zurich/Scottish Widows a couple of years ago and that wasn't simple at all.

Scottish Widows have not sold any of their legacy book.   So, you shouldn't have gone through any process with their plans.

Zurich sold their platform to Embark but its still the same software, accounts etc.  Just a logo change.   However, the legacy Zurich book is still with Zurich (i.e. Allied Dunbar, Eagle Star and Zurich originals)

Maybe you are referring to something different (such as a workplace pension provider being changed by the employer)?

Phoenix (or possibly their outsourcing partner, Diligenta?) will have access to the legacy systems for a limited period of time - they wont want to pay for the use of more legacy systems for an extended period of time.

The policies will be migrated to their own administration system, perhaps with some of the more complicated calculations having to be manual via spreadsheets instead of automated.

As far as the policyholder is concerned, the only difference will be the logo on any letters they receive.

grimsalve

dunstonh said:

Scottish Widows have not sold any of their legacy book.   So, you shouldn't have gone through any process with their plans.

Zurich sold their platform to Embark but its still the same software, accounts etc.  Just a logo change.   However, the legacy Zurich book is still with Zurich (i.e. Allied Dunbar, Eagle Star and Zurich originals)

Maybe you are referring to something different (such as a workplace pension provider being changed by the employer)?

https://www.bbc.co.uk/news/uk-scotland-scotland-business-41592949