News

Would you pass up an extra 10% of retirement income for free?


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:  1989 Regime ...

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 launch Flexible Pension Freedoms Scheme


During his February budget speech, the Isle of Man’s Treasury Minister 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...

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...