Isle of Man-based international pensions provider Boal & Co has reduced its fees on its QROPS schemes, in response, it says, to feedback from its introducer clients.
The new fees apply to its standard terms, special terms and ‘Lite’ offerings across its Select (Isle of Man) and Trafalgar (Gibraltar) schemes, for cases issued on or after 1st March 2016, Boal said in a statement.
Boal & Co said it’s also fixed the transfer fee for all three products at £1,000. Transfers within the Boal & Co range remain free of charge.
To enable intermediaries to take advantage of the new pricing structure, for any cases that are transferred from another QROPS scheme or provider the initial fee will be waived.
Boal & Co chief executive Mark Kiernan, pictured, said: “The QROPS market has settled somewhat in the last few years, and this new structure ensures we remain competitive.”
He added: “The new fee structure is timely for us as we look to expand our offering to new jurisdictions in the very near future.”
Boal & Co was founded by the late Gary Boal, a Northern Irish actuary who came to the Isle of Man in the 1990s, and began handling UK pension transfers in 1995, more than a decade before the legislation that created QROPS came into force. Today it manages assets under trusteeship of more than US$10bn, and operates out of offices in Gibraltar and Ireland, with representation in the Far East, in addition to its IoM base.