Legal & General and ReAssure have now confirmed the transfer of the Portfolio Plus Self-invested Personal Pension (SIPP) and Portfolio Plus Pension is taking place on 7 September 2020. From 24 August 2020, ReAssure are issuing you and your clients with a welcome pack. This means that the changes included in our February 2020 letter below will come into effect from this date including the ReAssure SIPP supplement.

We've issued a number of letters to you and your clients regarding changes to Legal & General products and the proposed transfer of Legal & General products to ReAssure.

In October 2019, Legal & General confirmed to us there was a delay to the proposed transfer to ReAssure. We wrote to you to let you know that we wouldn't be issuing any letters to your clients until we had confirmation of a revised date.

In February 2020, we wrote to you and your clients to confirm what would happen at the point of transfer and at the time the anticipated date of 6 April 2020 for the transfer.

Following a short delay due to Coronavirus, Legal & General and ReAssure have now confirmed the transfer is set to take place on 7 September 2020 and the changes included in our February 2020 letter will come into effect from this date.

You can find supporting documents including copies of the letters and questions and answers in the corresponding sections below.

1. Transfer to ReAssure for Legal & General products

2. Valuation for Legal & General products on 30 June 2019 and calculation of the annual platform charge

3. Legal & General product removal from the Aegon Platform

Key dates

Date Activity
May 2019 Letters issued notifying changes to L&G Portfolio Bond and insured funds in the Portfolio Plus SIPP and Pension
22 June 2019 Removal of the L&G products from the Aegon Platform
30 June 2019 Fixed valuation point is set for Aegon Platform annual charge calculation
01 July 2019 New terms and conditions effective for the Legal & General Portfolio Plus SIPP and Pension
August 2019 Intermediary letters issued notifying proposed transfer to ReAssure and valuation changes from 30 June 2019
September 2019 Customer letters issued notifying valuation changes from 30 June 2019
October 2019 Intermediary letter issued to provide an update on the delay to the proposed transfer to ReAssure
February 2020 Intermediary and customer letters issued notifiying the anticipated transfer to ReAssure on 6 April 2020
April 2020 L&G confirm that due to Coronavirus there would be a delay in the transfer
August 2020 L&G and ReAssure confirm transfer is set for 7 September 2020 and ReAssure start issuing welcome packs from 24 August 2020
7 September 2020 Transfer of the Portfolio Plus Self-invested Personal Pension (SIPP) and Portfolio Plus Pension from Legal & General to ReAssure. The changes outlined in our February 2020 letter now come into effect

1. Transfer to ReAssure for Legal & General products

Legal & General wrote to you in July 2019 to tell you that they’re proposing to transfer the Portfolio Plus Pension and Portfolio Plus SIPP to ReAssure, which was initially anticipated to take place on 4 November 2019.

Our October 2019 letter confirmed that Legal & General notified us of a delay to the proposed transfer to ReAssure. This was in order to give them more time to achieve a smooth and successful migration of customer policies to ReAssure.

Our February 2020 letter and the February 2020 customer letter confirmed what would happen at the point of transfer and at the time the anticipated date of 6 April 2020 for the transfer.

Following a short delay due to Coronavirus, Legal & General and ReAssure have now confirmed the transfer is set to take place on 7 September 2020 and the changes included in our February letter will come into effect from this date.

The application of the ReAssure Portfolio Plus Pension and Portfolio Plus SIPP supplement to the Aegon Platform terms and conditions comes into effect from this date of transfer to Reassure.

This means that from the 7 September 2020 we'll be able to take the Aegon Platform annual charge directly from your clients ReAssure Portfolio Plus SIPP.

Questions and answers

How confident are you that the transfer from Legal & General to ReAssure will complete on the proposed date?

The high court approved the transfer on 20 August 2020 and all parties are working as hard as possible to make sure the transfer takes place without further delay.

Can I carry out transactions online on the Aegon Platform for my client’s ReAssure Portfolio Plus Pension or SIPP?

You can carry out a switch online for the collective funds invested in your client’s ReAssure pension that are held on the Aegon Platform.

For any other transactions, you’ll need to contact ReAssure by phone on 0345 646 0381 (Monday to Friday 8:30am to 5:30pm. Call charges will vary). Alternatively you can email them at reassuresipp@mercer.com or write to them at the following address:

ReAssure SIPP

2nd Floor, Fitzalan House

Fitzalan Court

Fitzalan Road

Cardiff

CF24 0EL

As email isn't a secure method of communication, please don't send any personal, financial or banking information.

How will the Aegon Platform annual charge for the Legal & General Portfolio Plus SIPP be taken from transfer?

The charge will be taken as follows:

  • For clients who have a direct debit paying into their Aegon GIA and there are sufficient funds the charges for their SIPP will be taken from the GIA.
  • If there’s not enough money in their Aegon GIA, we’ll take the charge directly from their SIPP for that month. We’ll then revert back to the GIA for the next month’s charges. This will repeat every month there are insufficient funds in the GIA to cover the charges due.
    Alternatively clients can request to have the annual charge paid directly from their SIPP, which could be more tax efficient for them, depending on their circumstances. If you wish to change the way we take the annual charge please contact us.
  • For clients who don’t have a direct debit paying in to their Aegon GIA then we’ll take all future charges directly from your client’s SIPP.

When taking charges from client’s SIPP we’ll use available cash in the product first and then if required we’ll sell investments. This will always be from the largest holding first, unless the intermediary or client have told us otherwise.

How do I change the nominated fund to pay fees from my client’s SIPP?

The fees will automatically pay from the largest fund in their SIPP, but this can be changed to one nominated fund by completing our Change to product details form.

If the client would like the charges paid from more than one fund they’ll need to complete a Recurring switch into cash form.

How can I find out which of my customers have a Portfolio Plus SIPP on the Aegon Platform?

You can use Report Zone to access the Product wrappers open and held report and select the product as Legal & General Portfolio Plus SIPP prior to transfer. You can access this by signing into the Aegon Platform and selecting Report Zone from your dashboard.

Who do I contact for general enquiries about the transfer from Legal & General to ReAssure?

Before the transfer

If you have any queries, please contact Legal & General on their Policy Transfer Helpline on 

0800 048 1026 (UK-Freephone) or +44 1273 374130 (International calls). Call charges will vary. Alternatively you can find more information at Legal & General's policy transfer website.

From 7 September 2020

You’ll need to contact ReAssure for all queries relating to your client’s bond and/or pension products.

Telephone:  0292 005 7000 (Monday to Friday 8.30am to 5.30pm. Call charges will vary)

For product or administration queries email: reassuresipp@mercer.com

As email isn't a secure method of communication, please don't send any personal, financial or banking information.

How can I find out which of my customers have a direct debit set up on their Aegon General Investment Account (GIA)?

Please speak to your usual Aegon contact or call us on 0345 604 4001. Our opening hours are Monday to Friday 8.30am – 5.30pm. Calls may be recorded for training and quality purposes. Call charges will vary.

 

2. Valuation for Legal & General products on 30 June 2019 and calculation of the annual platform charge

In our August letter, we’ve included information around how you can find the values of your client’s Legal & General Portfolio Bond or insured funds in the Portfolio Plus Pension or Portfolio Plus SIPP that applied on 30 June 2019.  

If your clients held collectives on the Aegon Platform on 30 June 2019, this value will now be included in the calculation of their Aegon Platform annual charge with effect from July 2019. 

In September 2019, we also wrote to any of your clients that this applied to and you can view a copy of the letter and our Questions and answers document

Questions and answers

Does the annual platform charge in my clients illustration include the insured funds they hold in their Legal & General pension and bond?

We've identified an issue where our online illustration is incorrectly excluding the value of your clients insured funds in their Legal & General Portfolio Bond or insured funds in their Legal & General Portfolio Plus Pension and Legal & General Portfolio Plus SIPP. 

This means the overall platform annual charges on the illustration may appear higher than they should. This isn't the platform charges your client will actually pay, as the value of these products are included in the actual calculation of charges. In the meantime you can contact us to request an updated illustration.

How can I find out the value of my customer’s Legal & General bond and pension insured funds as at 30 June 2019?

You can find the value of your client’s Legal & General Portfolio Bond and insured funds in the Legal & General Portfolio Plus Pension or Portfolio Plus SIPP as at 30 June 2019, from the Legal & General Insured Policies – fixed valuation report. To access this sign in to the Aegon Platform, select Report Zone from your dashboard and go to Client Valuations Report.

3. Legal & General product removal from the Aegon Platform

As a result of our contract with Legal & General changing, we no longer offer services for the Legal & General Portfolio Bond or insured funds in the Legal & General Portfolio Plus SIPP and Pension through the Aegon Platform.

We wrote to you and your clients in May 2019, and you can find copies of each letter based on the product(s) held by your clients below. There’s also a copy of the Questions and answers document, including information around how the changes affect the Aegon Platform annual charge. You can also view a copy of the terms and conditions supplement for the Legal & General pension products effective 1 July 2019.

There are no changes to the actual bond and pension products – Legal & General are continuing to provide their normal services and invest your clients’ money, just as they do now.

Questions and answers

Why can’t I see my client’s Legal & General Portfolio Bond and/or Legal & General Portfolio Plus Pension?

The Aegon Platform no longer provides services for the Legal & General Portfolio Bond and for insured funds in the Legal & General Portfolio Plus Pension and SIPP. There are no changes to the actual products and Legal & General is still the provider of the products. 

For a valuation of your client’s bond or pension go to Legal & General’s Adviser Centre. If you’re not already set up with access you can register for the service.

Why was the value of my client’s Legal & General Portfolio Plus SIPP on the Aegon Platform reduced?

Any insured funds in the SIPP were removed from the value of the Legal & General Portfolio Plus SIPP that we show on the Aegon Platform. This is because we no longer provide any services on the Aegon Platform for the insured funds in the SIPP. We now show just the value of the collective funds on the Aegon Platform that are invested in the SIPP. 

For a valuation of your client’s pension go to Legal & General’s Adviser Centre. If you’re not already set up with access you can register for the service.

Where can I find more information about my client’s Legal & General Portfolio Bond and/or Legal & General Portfolio Plus Pension and SIPP?

You should contact Legal & General for all queries. You can contact them on ifa.response@landg.com (as email isn't a secure method of communication, please don't send any personal, financial or banking information). Alternatively you can write to them at the address below:

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

For a valuation of your client’s bond or pension go to Legal & General’s Adviser Centre. If you’re not already set up with access you can register for the service.

What services are available for the Legal & General Portfolio Plus SIPP on the Aegon Platform?

The Aegon Platform provides the following services for the collective funds in these products, in the Legal & General Portfolio Plus SIPP:

  • Daily valuation of all investments and a breakdown by fund.
  • Valuation included in the quarterly Aegon Platform statements.
  • Ability to switch collective funds online via the Aegon Platform.

For all other services, including top ups or any services relating to the insured funds in these pensions, contact Legal & General on ifa.response@landg.com (as email isn't a secure method of communication, please don't send any personal, financial or banking information). Alternatively you can write to them at the following address:

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

Where should my client send cheques to for making further contributions to the Legal & General Portfolio Plus Pension or SIPP?

Cheques should be made payable to ‘Legal & General’ and sent to the address below. We’ll return any cheques that are sent to us. Legal & General will use the date they receive your client’s cheque to process instructions and additional investments.

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

Will the fixed annual charge my client pays for the Aegon Platform be affected by the changes made to the services for the Legal & General products?

No, your client will continue to pay the same percentage.

Who should I contact in relation to my client's Legal & General products?

You can email Legal & General at ifa.response@landg.com (as email isn't a secure method of communication, please don't send any personal, financial or banking information). Alternatively you can write to them at the following address:

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

For a valuation of your client’s bond or pension go to Legal & General’s Adviser Centre. If you're not already set up with access you can register for the service.

Who should I contact in relation to commission payments or commission statements?

Contact Legal & General for all queries relating to the commission paid to you for Legal & General bond or pension products. You can email them at ifa.response@landg.com (as email isn't a secure method of communication, please don't send any personal, financial or banking information). Alternatively you can write to them at the following address:

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

Can I make regular contribution transactions online for my client’s Legal General Portfolio Plus SIPP?

No. For more information about this, contact Legal & General by email at ifa@response@landg.com (as email isn't a secure method of communication, please don't send any personal, financial or banking information). Alternatively you can write to them at the following address:

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

Alternatively, you can find out more information on Legal & General’s website.

Can I carry out transactions online on the Aegon Platform for my client’s Legal & General Portfolio Plus SIPP?

You can carry out a switch online for the collective funds invested in your client's Legal & General Portfolio Plus SIPP held on the Aegon Platform.

For any other transactions, you’ll need to complete the Investment instruction and surrender form contact Legal & General by email at ifa.response@landg.com (as email isn't a secure method of communication, please don't send any personal, financial or banking information). Alternatively you can write to them at the following address:

Legal & General Assurance Society Limited

PO BOX 5457

Hove

East Sussex

BN52 9GG

Alternatively, you can find out more information on Legal & General’s website.

Can I make additional contributions to my client's Legal & General Portfolio Plus Pension or SIPP online?

No - you're not able to make additional contributions to your client's pension online.

The Adding to your plan guide from Legal & General gives information about how to make additional contributions to the Legal & General Portfolio Plus Pension or SIPP. 

To change any contributions that your client's employer currently makes use the Employers contribution authority form on the Legal & General website. 

Alternatively, you can find out more information on Legal & General’s website.

Can I carry out a switch online for my client's Legal & General Portfolio Plus SIPP?

Yes - you can carry out a switch online on the Aegon Platform for the collective funds that your client holds in their Legal & General Portfolio Plus SIPP.