Isle of Man-based actuarial and consultancy firm Boal & Co has launched two offshore pension solutions designed to appeal to UK expatriates with pensions left behind in the UK.
After changes to the Isle of Man and British pensions legislation, Isle of Man schemes can now be used by non-residents of the island to transfer in UK pension benefits using QROPS, or qualifying recognised overseas pension schemes. Boal & Co’s two structures are called Balley Chashtal No. 1 and No. 2. Both schemes are fully registered with the Isle of Man Insurance and Pensions Authority, tax-approved by the Isle of Man Assessor of Income Tax, approved for contracting-out purposes by the Department of Health and Social Security, and approved for UK transfer purposes by HM Revenue & Custom...
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