Boal & Co are delighted to announce a new innovative retirement income solution for Isle of Man residents. The Pension Income Plan (PIP) is a vehicle into which individuals can transfer one or more pension pots and be paid a flexible, regular income.
With the Isle of Man pensions market traditional focus being the accumulation of capital prior to retirement with limited retirement income options, Boal & Co believe with PIP that they are offering a unique alternative, a market first, product aimed solely at providing flexible income in retirement, or semi-retirement.
Modern career paths are resulting in individuals having an increasing number of pension pots when they retire, often a combination of personal and occupational schemes, so when it comes to retirement they face the possibility of having their retirement income paid from different sources. In addition, each pension will have its own set of charges, investment choices, payment dates and providers.
With PIP, income can be consolidated and paid at a level agreed with you on a set date and frequency (monthly, quarterly, half yearly or yearly).
With many Isle of Man and UK insurance based schemes, the only option for retirement income is to purchase an annuity, which may or may not be suitable for the individual. PIP offers a range of flexible options enabling individuals to choose what is right for their own circumstances, with the ability to vary the amounts from year to year if required.
Income levels can be agreed within a wide range of parameters and by utilising Boal & Co’s in-house actuarial capabilities it is possible to calculate a target income level based on the individual’s personal circumstances and investment expectations.
Mark Kiernan, Boal & Co’s Chief Executive commented “As a leading provider of pensions on the Isle of Man, we are delighted to launch this new pension solution. With individual’s retirement income requirements being more complex than ever, and the majority of Isle of Man schemes providing very restricted pension options we feel the time is right for a modern solution that can meet these needs.”