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  • FIRST POST
    • zolablue25
    • By zolablue25 13th Apr 18, 3:04 PM
    • 1,584Posts
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    zolablue25
    ReAssure Ltd
    • #1
    • 13th Apr 18, 3:04 PM
    ReAssure Ltd 13th Apr 18 at 3:04 PM
    ReAssure have ended up with my contracted out of SERPS Personal Pension fund (I hope I have used the correct terminology).

    I was reading an old "panicky" thread about this company (that I didn't want to resurrect) and there was a reply from the esteemed dunstonh that said "Reassure are closed for business".

    What does this actually mean?

    Thanks
Page 1
    • dunstonh
    • By dunstonh 13th Apr 18, 3:21 PM
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    dunstonh
    • #2
    • 13th Apr 18, 3:21 PM
    • #2
    • 13th Apr 18, 3:21 PM
    It means they are not open for new business.

    They buy old insurers that have closed down for new business or bits of business other insurers no longer want. Not for the intention of selling new products but just running the contracts to the end.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • zolablue25
    • By zolablue25 13th Apr 18, 3:40 PM
    • 1,584 Posts
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    zolablue25
    • #3
    • 13th Apr 18, 3:40 PM
    • #3
    • 13th Apr 18, 3:40 PM
    Thanks for the swift reply. Am I able to transfer any contracted out personal pension to a SIPP? Not saying I want to, just curious as to whether its a possibility.
    • dunstonh
    • By dunstonh 13th Apr 18, 4:19 PM
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    dunstonh
    • #4
    • 13th Apr 18, 4:19 PM
    • #4
    • 13th Apr 18, 4:19 PM
    yes you can.

    Do remember that these old closed books do contain some very good plans in with the dross. Not everything old is obsolete or bad. So, don't assume anything.

    And be careful of internet reviews. These closed book companies buy up lots of different books from others. So, someone could be talking about ReAssure but not your part of ReAssure. Whilst the old books get transferred under the same company name, the legacy administration centres continue in place until they can be merged into other systems and locations. Which can take years.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Mnd
    • By Mnd 13th Apr 18, 4:31 PM
    • 635 Posts
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    Mnd
    • #5
    • 13th Apr 18, 4:31 PM
    • #5
    • 13th Apr 18, 4:31 PM
    Yes my wife had a "forgotten" pension that we eventually tracked down to reassure and we transferred it to hl no problem
    • zolablue25
    • By zolablue25 13th Apr 18, 5:20 PM
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    zolablue25
    • #6
    • 13th Apr 18, 5:20 PM
    • #6
    • 13th Apr 18, 5:20 PM
    yes you can.

    Do remember that these old closed books do contain some very good plans in with the dross. Not everything old is obsolete or bad. So, don't assume anything.

    And be careful of internet reviews. These closed book companies buy up lots of different books from others. So, someone could be talking about ReAssure but not your part of ReAssure. Whilst the old books get transferred under the same company name, the legacy administration centres continue in place until they can be merged into other systems and locations. Which can take years.
    Originally posted by dunstonh
    Thanks that has certainly put my mind to rest somewhat. I guess the best thing to do is to go through my original paperwork (if I can find it) and look at the details of the plan I'm in and see if I would be better off moving it or not.

    Presumably, even though I'm now with Reassure, my original terms are still valid?
    • zolablue25
    • By zolablue25 14th Apr 18, 9:53 AM
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    zolablue25
    • #7
    • 14th Apr 18, 9:53 AM
    • #7
    • 14th Apr 18, 9:53 AM
    Apparently there are no guarantees with this pension so I wouldn't lose anything in that regard by transferring the pension fund. I'm having trouble working out the price of the funds and their fees. The particular funds I'm in are:
    Managed (Type 1) Pension 3 star Series 01
    Managed (Type 1) Pension 4 star Series 01
    Managed (Type 1) Pension 5 star Series 01

    I've managed to find them on Morningstar but can't find a "Price" for them. They do, however, show a Net Asset Value - can I use this figure for a "price" for my units?

    Unfortunately, I can't find anything on the Morningstar website that shows the fees. Is that normal? Is the only way I can find out the fees by contacting Reassure directly?

    Thanks
    • TrickyDicky101
    • By TrickyDicky101 14th Apr 18, 11:17 AM
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    TrickyDicky101
    • #8
    • 14th Apr 18, 11:17 AM
    • #8
    • 14th Apr 18, 11:17 AM
    Go here:

    https://www.reassure.co.uk/your-funds/

    Fund Prices section and "Unit Linked Fund Information" - you can type in just the name of the funds to get the information.

    When you say fees - do you mean ongoing fees (e.g. Annual Maitenance Charges (AMCs)) or do you mean withdrawal fees for transferring the business? The AMCs should be listed in the fund information. Transfer fees may not apply at all.
    • dunstonh
    • By dunstonh 14th Apr 18, 11:32 AM
    • 93,915 Posts
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    dunstonh
    • #9
    • 14th Apr 18, 11:32 AM
    • #9
    • 14th Apr 18, 11:32 AM
    Many of these old plans are multi-charge and not mono charge. i.e. its not AMC only. They can have spreads, allocation rates, rebates, bonuses, cap/acc units etc. You cant rely on a fund factsheet to tell you the charges. Especially if the charges are at contract level rather than fund level.

    You need to ask the provider.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • zolablue25
    • By zolablue25 14th Apr 18, 12:53 PM
    • 1,584 Posts
    • 469 Thanks
    zolablue25
    Go here:

    https://www.reassure.co.uk/your-funds/

    Fund Prices section and "Unit Linked Fund Information" - you can type in just the name of the funds to get the information.

    When you say fees - do you mean ongoing fees (e.g. Annual Maitenance Charges (AMCs)) or do you mean withdrawal fees for transferring the business? The AMCs should be listed in the fund information. Transfer fees may not apply at all.
    Originally posted by TrickyDicky101
    I had already tried that TD and couldn't find my actual funds (even though, when I typed the name in, it recognised it as a GAN fund). When you type in the fund name a whole list of stuff comes up but not one that matches the actual fund name.

    Edit: Forget that, I'm just an idiot. Sometimes I think my eyes are only painted on!. Thanks
    Last edited by zolablue25; 14-04-2018 at 1:18 PM.
    • zolablue25
    • By zolablue25 14th Apr 18, 12:54 PM
    • 1,584 Posts
    • 469 Thanks
    zolablue25
    Many of these old plans are multi-charge and not mono charge. i.e. its not AMC only. They can have spreads, allocation rates, rebates, bonuses, cap/acc units etc. You cant rely on a fund factsheet to tell you the charges. Especially if the charges are at contract level rather than fund level.

    You need to ask the provider.
    Originally posted by dunstonh
    Thanks D, I will do that and see where I can go from there.

    Your help, as always, is much appreciated.
    • zolablue25
    • By zolablue25 14th Apr 18, 1:24 PM
    • 1,584 Posts
    • 469 Thanks
    zolablue25
    Now that I think I've found the funds on the ReAssure site I have the following charges showing for each fund. I'm not sure what the total charges are so if someone could explain that to me I would be grateful although, even without fully understanding them, the 3 star product charges seem very high.

    5* Fund
    Total Expense Ratio 0.13%
    Product AMC 0.00%
    Performance AMC 0.00%
    Investment AMC 0.14%

    4* Fund
    Total Expense Ratio 0.88%
    Product AMC 0.75%
    Performance AMC 0.00%
    Investment AMC 0.14%

    3* Fund
    Total Expense Ratio 1.63%
    Product AMC 1.50%
    Performance AMC 0.00%
    Investment AMC 0.14%

    Thanks
    • zolablue25
    • By zolablue25 16th Apr 18, 11:10 AM
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    zolablue25
    Is the TER the total of all charges or do I need to add the various AMCs on top of that?

    Thanks
    • dunstonh
    • By dunstonh 16th Apr 18, 11:12 AM
    • 93,915 Posts
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    dunstonh
    Dont rely on those. The factsheet may not be the same series. It may not be set up on the same terms (factsheets often show a default charge but dont include discounts or other charges). There could be charges on the contract itself.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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