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  1. #1

    HSBC Pensions .Transfer to ReAssure

    I recently received a letter from HSBC Life (UK) Ltd informing of their propossed transfer of of some of its Pensions and Annuity business over to ReAsure Ltd. The reason given "following a strategic review, HSBC has decided to cease providing insured pensions in the UK." I have never heard of ReAssure, but found some negative comments from holders of pensions with Windsor Life. Does anyone out there have experience with ReAssure?

  2. #2
    Which means nothing to you so dont worry about it.

  3. #3
    I am not very happy with the way this transfer is being managed.

    My HSBC pension disappeared of my HSBC internet banking at the end of August, and since then I have had no communication from re-assure. I would have though by now we would have had a closing balance report from HSBC and a opening statement from re-assure. I don't even have a policy number. I am not even sure what was the exact value transferred to re-assure.

    I have e-mailed re-assure via their website but they have yet to reply.

    The information says that they will send us a statement after 12 months, but this seems a long time to go without an opening account statement.

    Is this just me or are other people feeling nervous about where their money has gone.

  4. #4
    Its not closing. It is not a new product. it has the same terms. It will continue as is apart from the change of logo in the corner. In most cases with the same policy number. The software (and possibly hardware that supports it if hard coded) will be moved.

  5. #5
    Why didn't you do something about out it, like not just sitting and waiting for things to be done to you but transferring instead to a place of your choosing?

    Like other firms dealing with inactive pension books you should look to avoid having any active pensions handled by ReAssure because their financial incentives are all wrong for your own interests: to minimise their costs since most of the people they get as customers are the ones who don't have a choice - an annuity in payment already - or just don't care.

    ReAssure have some funds with similar names but the performance of these funds is likely to be adversely affected by their lack of new business. With no way to win new business from outperformance, their incentives are to get funds managed as cheaply as possible, regardless of performance.

    You don't have to just sit still for it. You can still transfer once you can track down whatever ReAssure has. At whatever price they will charge you for a transfer.

    The money will show up, eventually, just be aware that you're now with a place that has an incentive to provide the cheapest possible service and don't expect anything better.


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