Personal Pension

Boal & Co have created the Balley Chashtal (translation: Castletown) range of trust-based personal pension schemes, for UK non-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.

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 by UK non-residents for various pension planning purposes:

• Transfer - for transferring in benefits from 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.