Following the agreement to sell our Heritage Life and Pensions business, Old Mutual Wealth Life Assurance Limited (OMWLAL), to ReAssure, we can confirm that the sale has now been completed.
This has no impact on investment and pension products held on the Old Mutual Wealth platform.
OMWLAL is a predominantly closed book of life assurance business made up of life and pension products sold over the last 40 years. It also includes the Protection range of products which are open to new business and our Institutional business.
ReAssure is a leading closed book life insurance company in the UK with 4.3 million policies and c. £69 billion in assets under administration (as at 31/12/2018). We believe ReAssure is an excellent home for our Heritage business as it’s a well-established, highly regarded, committed to excellent customer outcomes and importantly has values very much like our own. Maintaining continuity of high quality customer service is tremendously important and has been a focus of this agreement.
ReAssure has a proven track record of successfully integrating books of pension, insurance and investment business stretching back over 30 years, and has acquired other closed life books from the likes of Guardian, HSBC, Aviva, Zurich, Barclays Life, and more recently Legal & General.
What does this mean for the ongoing service for you and your clients?
A team of approximately 300 staff have transferred to ReAssure and will be fully dedicated in continuing to serve Heritage customers and advisers. It’s the same experienced people, using the same systems and based in the same office location in Southampton, so we are confident that there will be minimal changes to service for advisers or clients. The current Heritage management team, including David Still, Managing Director, and Donna Sim, Head of Heritage Operations, have remained in place.
Below is some further information you need to know going forward when dealing with Old Mutual Wealth Life Assurance Ltd policies:
- There are no changes to Terms & Conditions, letter heads, forms or literature at this time.
- As part of the sale, a Transitional Service Agreement (TSA) has been put in place meaning Quilter will continue to support the Heritage business for some key services, such as IT.
- On 1 October we emailed advisers to confirm we had split our adviser Terms of Business, and associated documents, to create specific versions for OMWLAL and the Old Mutual Wealth platform business. Those OMWLAL terms apply for the separated business from 31 December 2019.
- You now have a new dedicated support line for all pre- and post-sale support on any Heritage policies or plans. Please call the new Heritage Contact Centre on 0808 171 2600.
- Please note, we are not allowed to transfer calls between the Old Mutual Wealth teams and the new Heritage Contact Centre, because we are two separate companies.
- If you have a named Protection sales contact they will still be available to support you with any activities on Heritage open and closed protection products.
- However, our Wealth Management Consultants will no longer be able to support you with any queries or investment activities relating to Heritage policies or plans.
- Please note the postal address and customer service email address (firstname.lastname@example.org) stays the same for the time being.
- You can still access our specialist Technical Support team in Southampton for your pension, tax and trust queries, with no change to their contact details.
If you have any questions about these announcements please contact the Heritage team on 0808 171 2600.