| Personal Pension
Boal & Co have created the Balley Chashtal (translation:
Castletown) range of trust-based personal pension schemes,
for Isle of Man residents.
Balley Chashtal No. 1
Invests via unit-linked insurance bonds.
Balley Chashtal No. 2
Invests in high-interest bank accounts.
Unless you are a Boal & Co SIPP client, the Balley Chashtal
schemes are only available via selected independent financial
advisers (IFAs), who can guide you through how they work and
which types of investment are best suited to your needs.
A list of IFAs is available from Boal & Co.
The Balley Chashtal
schemes are able to take advantage of all the flexibility now
afforded by the 2008 Isle of Man Pensions legislation. The
schemes are approved by:
- Isle of Man Income Tax Division - under the Income
Tax Act 1989
- Isle of Man Insurance and Pensions Authority -
under the Retirement Benefits Schemes Act 2000
- Isle of Man Department of Health and Social Security (DHSS)
- as an Appropriate Personal Pension
- HM Revenue & Customs (UK) - as a Qualifying
Recognised Overseas Pension Scheme (QROPS).
The Balley Chashtal
schemes are master trust-based arrangements, under which the
scheme member is the beneficiary and Boal & Co (Pensions) Limited
is the Trustee and Scheme Administrator.
The Balley Chashtal
schemes can be used for various pension planning purposes:
- Contributions - from £100 per month up to £300,000 per annum (or
100% of relevant earnings if less)
- Transfer - for transferring in benefits from Isle
of Man/UK personal pension plans and defined contribution
occupational pension
schemes, including protected rights and other contracted-out
benefits.
- Drawdown - turn your pension fund into a monthly
pension at retirement through our Balley Chashtal
drawdown plan. As no annuity is purchased, your funds
remain invested for growth and the remainder can pass to your
estate on death.
More details available in this PDF download |
