Boal & Co offers new pension product

Boal & Co offers new pension product

Pensions provider Boal & Co has launched a new product aimed at taking advantage of the Isle of Man’s pension freedom reforms.

The Isle of Man government relaxed its rules in February, allowing residents to access their pension pots after they turn 55. The UK introduced similar rules in 2015.

The vast majority of Isle of Man residents would be best placed to make future pension contributions to a new pension freedom scheme (PFS), according to Boal & Co.

HR and employee benefit managers have expressed a desire to offer the new PFS to their staff as soon as possible, while allowing those with existing funds the ability to hold them under whichever regime works best for their individual circumstances.

Boal & Co’s new product is able to offer this, by adding a PFS section to its Rewards group personal pension plan. Where other pension companies have set up new schemes, Boal & Co is able to offer both regimes under the same scheme.

This means that employers and individuals can hold their existing pension funds under the old regime, and their future contributions under the PFS regime, both in the same scheme. Switches between the two regimes would be fee-free, other than any tax or transfer charges that may apply.

Approved by the Isle of Man assessor of income tax, and authorised by the Isle of Man Financial Services Authority, Rewards is available to employers wishing to take advantage of the new PFS regime immediately.

Mark Kiernan, chief executive of Boal & Co, commented “As the leading provider of pensions on the Isle of Man, we are demonstrating our commitment to Isle of Man employers by providing an innovative local group pension solution that is flexible to meet their employee needs. Our technical team has worked hard to bring this to launch in a short period of time and are on-hand to assist employers and advisors with their pension requirements.”

Categories: Around the World, News

About Author