News

International Pension Plans: A flexible alternative for South African residents


By Mark Doyle, Director. While South African residents have a choice of domestic retirement savings vehicles, including pension funds, provident funds and retirement annuity funds, these are subject to a maximum annual tax-deductible contribution limit across all such arrangements of 27.5 per cent of qualifying earnings or 350,000 ZAR (whichever is the lower). This annual contribution limit can make it challenging...

Understanding risk and investment choices


By John Batty, Technical Manager. *Introduction* Since the dawn of time, one investment principle has stayed the same; the higher the return you want on your money, the higher the risk you must take. The casino can double your money on roulette in seconds if you correctly pick red or black, but the risk is you will lose it all just as...

Implementing a global pension benefit blueprint: an International Pension Plan case study


By Paul Colley, Director International Pension Plans (‘IPPs’) provide a centralised pension arrangement for employers with internationally dispersed or mobile workforces. They therefore enable employers to provide a pension benefit to employees located in places where there is no access to pensions or where the local option may be unsuitable or unavailable to expatriate or non-local employees. Here we share a case...

Boal & Co announces team expansion with five key appointments


Boal & Co, has announced five new appointments to support its growth strategy. Mike Smith has joined the business as Head of Compliance to fulfil the roles of Compliance Officer and Money Laundering Reporting Officer. A Chartered Member of the Chartered Institute for Securities and Investment, he has more than 35 years’ experience in financial services. Matt Looker has taken the position...

Isle of Man Budget 2022


By John Batty, Technical Manager At first glance David Ashford MBE MHK’s first budget is very much looking to the future and seeks to repair some of the damage done to the nation’s finances over the last two years as we come out of the pandemic. As well as plans for a five-year capital expenditure programme, the budget also includes additional...

Turning a pension fund into an income: the options, the decision factors, and the practicalities


By John Batty, Technical Sales Manager For those with one of the ever-decreasing number of Defined Benefit or Final Salary pension schemes, receiving your pension in retirement is fairly straightforward. At the scheme retirement date, the pension will pay you an amount of monthly income - based on your salary and length of service - for life, with usually a widow(er)’s...

Karen Kelly is promoted to General Manager


Boal & Co has announced the promotion of Karen Kelly to General Manager. With more than 20 years’ experience in the management and administration of international and domestic pensions, Karen has worked at Boal & Co for the past 12 years, previously holding the position of Director, Corporate Pensions. Working closely with CEO, Mark Kiernan and the wider management team, Karen’s...

Explaining Pension Freedom Schemes (PFS)


By John Batty, Technical Sales Manager Pension Freedom Schemes (PFS) legislation was introduced in the Isle of Man on 6th April 2018 to offer improved flexibility when taking Isle of Man pension benefits. Yet many personal and company pension plans have not yet taken advantage of the new regime. Let’s remind ourselves of the key differences:  ...

DIFC Employee Workplace Savings Plan (DEWS)


The Dubai International Finance Centre Authority (DIFCA) is introducing a new mandatory defined contribution savings plan, the DIFC Employee Workplace Savings (DEWS) plan to replace the current end of service gratuity scheme. Further consultation has been encouraged by the DIFC as there is still some further clarity required with regard to approved alternative arrangements. Boal & Co, as an independent...

Paul Colley FCIPD Director,Client Relations


Boal & Co is pleased to announce the appointment of Paul Colley FCIPD as Director, Client Relations. Chief Executive Mark Kiernan commented “Paul is a highly experienced professional with over 30 years experience within the Financial Services Sector and is a welcome addition to our corporate team to assist with developing our international pension proposition, which continues to be an important...

Defined Benefit Services


AVIVA recently announced they would be pulling all DB services from the Isle of Man, Guernsey and Channel Islands. In some cases they have put forward another UK provider whose experience in offshore jurisdictions is uncertain. Boal & Co have the local knowledge and experience necessary to provide these services for you. Boal & Co offers a range of services for...

Privacy Notice - Important Changes


On 25th May 2018 the General Data Protection Regulation (“GDPR”) comes into effect across the European Union. GDPR represents a significant change in data protection legislation and is designed to provide you with greater transparency and control over your personal data. As a Pension Scheme Trustee, Administrator, Actuary and Consultant we hold personal data of Scheme Members and advisors to manage...

Boal & Co launches Flexible Pension Freedoms Scheme


The Isle of Man’s Treasury Minister has announced a new form of pension regime aimed at providing pension freedoms. Whilst a decision to transfer existing pension assets will depend on the individual’s circumstances, it is clear that for the vast majority of Isle of Man residents, future pension contributions would be best placed in a new pension freedom scheme (PFS). Discussions...

QNUPS - 7 Years On


Since HMRC introduced “Qualifying Non-UK Pension Scheme” (QNUPS) into the pensions lexicon in 2010, there has been much interest but little uptake of these as stand-alone pension products. Initially many saw these as IHT planning vehicles, however the primary purpose of a QNUPS must always be to provide retirement benefits. The limitations on how these benefits can be taken from most QNUPS...

Boal & Co announce first of its kind Pension Solution


Boal & Co are delighted to announce a new innovative retirement income solution for Isle of Man residents. The Pension Income Plan (PIP) is a vehicle into which individuals can transfer one or more pension pots and be paid a flexible, regular income. With the Isle of Man pensions market traditional focus being the accumulation of capital prior to retirement with...

Appointment of New Senior Actuary


Boal & Co is strengthening its insurance actuarial consulting team with the appointment of Neil Taverner as Senior Consulting Actuary. For the last five years, Neil has been Senior Actuary at the Isle of Man Financial Services Authority, leading its actuarial team and the development of the Island’s new capital adequacy regime for the life and non-life insurance sectors. His previous experience...

Boal & Co appoints Danny Winrow as Director


Boal & Co has appointed Danny Winrow as director, as the company continues to build on the legacy of chairman and founder Gary Boal. A chartered accountant and qualified actuary, Danny has been instrumental in the company’s actuarial consultancy team since August 2014 having taken the lead with a number of clients. His new role will see him working alongside Chief Executive...

Boal & Co Acquires Zurich Trust Limited


Boal & Co* has acquired Zurich Insurance Group's Jersey-based Trust business, Zurich Trust Limited**. The deal has been approved by the Jersey Financial Services Commission. The purchase of Zurich Trust Limited marks the expansion of Boal & Co pension trustee services into Jersey following a recent expansion of its operations in Gibraltar. The Trust company will be renamed 'Boal & Co...