What is „Life Class Sixty Plus“?
The pension scheme „Life Class Sixty Plus“ was distributed via IFA AG starting from around 2005. The goal of this supposedly secure pension scheme was to obtain an additional pension for retirement. The financial model typically consisted of three components:
- Foreign currency loan: for financing the premiums – as a rule, the loan was taken out in Swiss francs (CHF). The primary financing banks were Volksbank and Sparkasse.
- Immediate payout whole life annuity insurance with guaranteed pension and bonus pension: With the loan amount, an annuity insurance policy was purchased from UNIQA or WIENER STÄDTISCHE Versicherung. This annuity insurance promised a guaranteed monthly pension (monthly payout of a guaranteed amount) as well as a bonus pension.
- Unit-linked life insurance A unit-linked life insurance policy with StandardLife was built up using the monthly pension payments from WIENER STÄDTISCHE or UNIQA Insurance.
The promised logic: At the end of the term of the unit-linked life insurance policy, the insured sum should have repaid the loan. Through the credit leverage and the projected performance of the insurance, customers were supposed to receive an attractive additional pension – while maintaining constant liquidity.
Due to the poor performance of the Swiss franc (CHF) as well as the lower performance of the Standard Life life insurance policy, investors are now confronted with a repayment gap.
The reality: High costs, foreign exchange risks, and massive losses
What many investors were not aware of when concluding the LifeClass Sixty Plus retirement provision:
- The financing structure was highly complex.
- The insurance policies caused high, often hidden costs.
- There was a massive Foreign exchange risk (e.g., CHF loan).
- Over the years, the guaranteed supplemental pension was reduced—in some cases unlawfully—by more than 50 %.
- The repayment amount was often insufficient to pay off the loan.
Conclusion: Instead of a secure retirement provision, many customers were left with a high remaining debt, low pension payments, and the feeling of having been deceived.
Where we can help: Focus on Wiener Städtische Versicherung
In a large number of the contracts, the Vienna Insurance Group integrated as an insurance partner. Our legal analysis and case practice have shown:
Especially with these contracts, we were able to find a legally actionable lever to compensate for a substantial portion of the damage.
In many cases, it has been possible to, high returns for our clients to achieve – in particular where Wiener Städtische is the contractual partner.
What should you do now?
If you are a „Life Class Sixty Plus“ customer—especially with the Vienna Insurance Group as an insurer –, you should act quickly:
✅ Have your contracts checked
✅ Document the actual pension payments and expectations
✅ Contact us for a no-obligation initial assessment
We represent numerous affected parties throughout Austria and know where to start with these complex models.
Conclusion: Expensive flawed design with legal vulnerabilities
„Life Class Sixty Plus“ has not turned out for many to be what was promised. But it is not too late to act. Especially with contracts with Wiener Städtische, there are realistic chances of recovering a significant portion of the losses.
📩 Contact us now – we will review your claims quickly and professionally. For a free initial assessment, Roman Taudes and his team are available at any time at office@atb.law or by phone at 01 39 12345 available.
