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 freedom scheme (PFS).
Discussions with HR and employee benefit managers on the Island show there is a desire to offer the new PFS to their staff as soon as possible, while allowing those with existing funds the ability to hold them under whichever regime works best for their individual circumstances.
Boal & Co have designed a product which is able to offer exactly this, by adding a PFS section to its popular Rewards group personal pension plan. Where other pension companies have set up new schemes, Boal & Co are able to offer both regimes under the same scheme.
This means that employers and individuals can hold their existing pension funds under the old regime, and their future contributions under the PFS regime, both in the same scheme. Switches between the two regimes would be fee free, other than any tax or transfer charges that may apply.
Approved by the Isle of Man Assessor of Income Tax, and authorised by the Isle of Man Financial Services Authority, REWARDS is available to employers wishing to take advantage of the new PFS regime with effect from today.
Mark Kiernan, Boal & Co’s Chief Executive commented “As the leading provider of pensions on the Isle of Man, we are demonstrating our commitment to Isle of Man employers by providing an innovative local group pension solution that is flexible to meet their employee needs. Our technical team has worked hard to bring this to launch in a short period of time and are on-hand to assist employers and advisors with their pension requirements.”
For further information or a discussion on how Rewards can meet your company’s requirements contact your usual financial adviser or the Boal & Co team directly;
firstname.lastname@example.org or call +44 1624 606606.