Financial Brokerage Success Story

Background

Three years ago, Ian approached Elevate Financial Services with a significant financial decision on his hands. He had been made redundant from his role at Oracle, and this change in his employment status prompted him to reevaluate his pension options. Ian had a pension with Oracle and was seeking a solution that would not only give him more control over his retirement funds but also provide greater potential for growth.

Challenges

  • Ian wanted to sever ties with his former employer and gain full control over his pension.
  • He desired access to his pension from the age of 50, providing more flexibility in retirement planning.
  • Ian also wanted to ensure that, in the event of his death, his wife would receive the pension funds tax-free.

Client Profile

Client name:

Ian

Initial Contact:

3 Years ago

Financial Advisor:

Elevate Financial Services

Financial Goal:

Transfer Oracle pension for better control and growth opportunities

Solution

After careful assessment and analysis, Elevate Financial Services recommended transferring Ian's Oracle pension into a personal retirement bond with Zurich. This strategic move allowed Ian to achieve the following:

  • Full Control

    The transfer into a personal retirement bond severed his financial ties with Oracle, granting him complete control over his pension funds.

  • Access at 50

    Ian gained the ability to access his pension from the age of 50, providing him with more flexibility in retirement planning.

  • Tax-Free Inheritance

    In the unfortunate event of Ian’s death, his wife would receive the pension funds tax-free, ensuring financial security for his loved ones.

  • Diversified Portfolio

    The pension funds were diversified across four different funds, managed by Zurich. This diversification aimed to mitigate risk and optimize returns.

Results

The results of Ian’s decision to transfer his pension have been impressive:

  • Initial Pension Value (3 years ago): €396,000
  • Current Pension Value: €467,000
  • Growth Rate: 18% (or 6% per annum)

Had Ian chosen to leave his pension in the employer’s pension fund, it would be worth €441,000 today, based on the funds he had initially invested in. Therefore, Ian’s decision to transfer his pension to a personal retirement bond has not only given him control but also led to substantial growth in his retirement savings.

Benefits

  • Ian now has full control over his pension, allowing him to make decisions that align with his retirement goals.
  • The diversified portfolio managed by Zurich has helped Ian’s pension grow significantly over the past three years.
  • The option to access his pension from the age of 50 provides Ian with flexibility and greater peace of mind.
  • In the event of his passing, Ian’s wife is assured of receiving the pension funds tax-free, ensuring her financial security.

Conclusion

Ian’s case exemplifies the importance of seeking professional financial advice when making crucial decisions about retirement planning. Elevate Financial Services was able to provide Ian with a tailored solution that not only met his immediate needs but also allowed his pension to grow significantly. Ian now enjoys financial security, control, and flexibility in his retirement planning, all thanks to the strategic transfer of his pension into a personal retirement bond.

If you have any questions or need further information, please feel free to contact us at Elevate Financial Services. We are here to help you achieve your financial goals and secure your financial future.