The Rewards Group Personal Pension Plan (Rewards) is a Group Personal Pension (GPP) specifically designed for Isle of Man companies wishing to provide pension benefits for their staff. A GPP is a collection of individual pension plans held under a Master Trust. Each participating employee gets their own plan, which both the employer and employee can contribute to.
Rewards is an Isle of Man pension scheme established under trust in the Isle of Man, with two separate sections:
Rewards allows members to transfer in existing pension arrangements they may have with other pension providers (in the Isle of Man or UK), enabling them to consolidate existing plans into one single cost-efficient solution. The scheme is in the individual member’s name and is fully portable should they wish move to a different employer, or become self-employed in the future.
For individuals with funds built up outside the PFS regime, transfers are made into the 1989 section of Rewards whereby the maximum lump sum is 30%, retirement age is 50, income must be taken for life and there is a tax of 7.5% on death post retirement. For funds that were originally UK sourced further restrictions may apply.
Talk to your adviser, or one of our team, to understand more about Rewards in respect of your Isle of Man company’s retirement benefits provision.
Boal & Co was established in the Isle of Man in 1995 by Gary Boal as an insurance consulting and pension services business, before branching out into pension trusteeship and administration in 1997.
Following the introduction of formal pensions regulation under the Retirement Benefits Schemes Act (2000), Boal & Co (Pensions) Limited became licensed as a Professional Retirement Benefits Schemes Administrator with the Isle of Man Financial Services Authority.
To this day the Island remains as Boal & Co's Headquarters.
The Isle of Man, over the last 25 years, has developed into one of the largest and well-respected international finance centres, attested to by international bodies including the International Monetary Fund (IMF) and the Organisation for Economic Development (OECD). With proven success as a strong base for insurance companies, banks, retirement benefit schemes and emerging technologies, the Isle of Man has firmly established itself on the world stage as a globally recognised jurisdiction for international financial services.
Widely regarded as a centre of excellence for pension scheme services, the Isle of Man with its unique, flexible but robust regulation of both domestic and international retirement benefit schemes, offers individuals, companies, multinational corporations and their advisors an unequivocal jurisdiction for retirement savings schemes and pension plans. With several dominant leaders in this sector, the Isle of Man offers all services required by clients and advisors through professional, locally established companies with global reach.
Some of the world’s largest companies have chosen the Isle of Man as a domicile for their expatriate retirement plans, built on the robust yet highly flexible legislation allowing scheme designers to tailor solutions to the requirements of the client.