Self-Administered Pension Schemes
Design, Administration and Trusteeship

Boal & Co (Pensions) Ltd, our pensions practice, specialises in the provision, administration and trusteeship of Isle of Man self-administered pension solutions for companies, partnerships and individuals.  For these clients, we are able to construct and administer bespoke pension arrangements, bringing to bear the full benefits of our independence and impartiality (we do not advise upon or sell local insured pension policies) and our relevant professional expertise. Boal & Co (Pensions) is registered as a professional schemes administrator with the Insurance & Pensions Authority (IPA).

A brochure for Boal & Co's pension services is available for download in pdf format.

Boal & Co - registered with IPA as professional Schemes Administrator

Boal & Co (Pensions) Ltd is registered with the Isle of Man Government Insurance and Pensions Authority (IPA) as a professional Registered Schemes Administrator, effective 9th April 2003. Under section 36 of The Retirement Benefits Schemes Act 2000, pension scheme administrators must be registered by the IPA.

Scheme Administration

We provide a full range of administrative services to larger company pension schemes (200+ members) in the Isle of Man. Some of these schemes also include members based in Jersey and Guernsey, where we are able to advise on the corresponding benefit provisions.

Our range of clients includes schemes that are:

• contracted-out
• not contracted-out
• money purchase (“defined contribution”)
• final salary (“defined benefit”).

We provide a complete administrative solution, including:

• calculation of monthly contributions
• allocation of contributions to individual member accounts
• preparation of annual benefit statements and future pension projections
• preparation of scheme accounts
• attendance at trustee meetings
• ongoing advice on scheme development, including effect of future legislative changes.

Scheme Establishment and Design

Small, medium and larger companies all have pension needs, whether it be the needs of the many (eg a scheme to provide pensions for 200 employees) or of the few (eg the different requirements of owner/directors).  Schemes can be devised to suit the different needs of different employers.

Often, a simple 'defined contribution' structure is the ideal solution, permitting different contribution levels according to each membership class.  Final salary schemes are a possible - albeit more complicated - alternative. 

Boal & Co have an excellent knowledge of the practice of Isle of Man companies in relation to pensions provision.We are expertly placed to advise Isle of Man employers on all aspects of pension scheme design and establishment.

Independent Trustee

Under the IOM Retirement Benefits Schemes Act 2000, all schemes are required to have at least one trustee who is "independent" of the employer. Our experience of all aspects of pension schemes – design, administration, investment, actuarial – means that we are expertly positioned to advise trustees of Isle of Man pension schemes and to act as independent trustee.