Boal & Co wins International Fund & Product Award
Boal & Co has won a prestigious International Fund & Product Award for the second year running after being named ‘Best International Specialist Pension Provider’.
Last year Boal & Co picked up an IFPA Special Award in recognition of its ‘Technical Innovation in the QROPS sector’ and Managing Director Gary Boal said the latest IFPA recognition is testament to the breadth of the Company’s pension proposition, and to the significant growth in the scale of the firm’s overall pensions business.
That growth has seen Boal & Co create three new permanent jobs in the past month. New positions have been created in our QROPS, domestic and international pension areas of the business, all of which continue to expand.
‘We’re delighted to be recognised by the IFPA for a second year running,’ said Gary. ‘Our pensions proposition comprises occupational schemes for multinational employers around the world (currently with members in 113 countries), over 50 QROPS pension transfer schemes (members in 42 countries); and a comprehensive range of pension solutions for the local Isle of Man personal and corporate market.
‘All three legs to this proposition are growing very strongly and the success we are enjoying brings in more Isle of Man business, which therefore creates more Isle of Man jobs.’
Changes earlier this year to QROPs regulations by HM Revenue & Customs signalled a clear change of direction for the QROPS market, but Director Mark Kiernan is confident that the Isle of Man and Boal & Co will continue to set the standards for the QROPs industry:
‘We have moved quickly to unveil “Select” last month as the new focus of our expanded QROPS range and “Select” has been very well received so far in meetings which we have held with leading financial advisers in the Far East and Middle East. The Isle of Man has modern pensions regulation, with a choice of pension structures, and is well-placed to be the centre of choice for financial advisers and their clients.
‘At the same time, Boal & Co’s pensions proposition goes way beyond QROPS, with international company pension schemes and local company/personal pension schemes being just as important to the firm’s business. Add to this the recent launch of “Rewards”, a ground-breaking new Group Personal Pension (GPP) for the Manx market which is now gaining traction and you can see why this award is recognition for all of our 20-strong pensions team. It’s testament to the high standards and ambitions that we all share.’
Boal & Co recently announced more than US$ 1 billion in assets across its client schemes. The firm acts as professional trustee for defined benefit, defined contribution, and many international company pension schemes, as well as for QROPS. Its corporate pension client base now includes five ‘Fortune 500’ companies, in addition to some of the world’s largest privately-owned companies.
The IFPA, now in their 13th year, are judged by an independent panel of industry practitioners and experts. There were more than 50 entries to this year’s awards from a wide range of companies in the offshore sector.
Commenting on Boal & Co’s award, the IFPA judges said:
‘We were impressed with the breadth of Boal & Co’s international pension solutions. A high level of actuarial expertise combined with knowledge gained over many years in the industry was very much in evidence by the tailored solutions on offer. This was an important differentiator in light of the difficulties suffered by recent QROPS changes. While Boal & Co is not afraid to push boundaries, the judges felt that experience across a number of pension sectors including multi-national employers gives them a cutting edge.’
Deborah Benn, chairman of the judging panel, said:
‘There is little doubt that the past 12 months has possibly been the toughest year yet for the offshore industry. Not only has the ongoing backdrop of difficult economic conditions taken its toll, but higher than normal regulatory pressures have been evident this year. Yet despite this, entries have displayed a refreshing determination to keep up high standards of service which has impressed the judges.’
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