TWO Island firms have teamed up to launch a new pension plan exclusively for Island residents.

MBL Financial has collaborated with Boal and Co to create the Prestige Personal Pension – which offers a wide range of investments as well as annuity and pension income.

Matt Evans, joint managing director of MBL Financial, said: "This pension plan bridges the gap between an inflexible traditional insurance company pension and Self Invested Personal Pension (SIPP).

"The Prestige Personal Pension meets the demands of Island residents by offering all the features and benefits that one would expect, such as a wide range of funds, access to bank deposit accounts, and stocks and shares.

"It is suitable for individual and company pensions and can either be funded by personal contributions or payments from an employer. Company schemes can be set up with as little as one member."

The plan is designed so that it can meet the needs of pension funds of all sizes and contributions can be made from as little as £50 per month.

Due to the flexible nature of Prestige and its charging structure no one is too young or too old to start a Prestige pension.

This plan can also be used to contract out of the State Second Pension (formerly known as SERPS) and to receive Protected Rights transfers from any other scheme which may have been used in the past to contract out.

Mark Kiernan, director of Boal & Co, said: "We are delighted to be working with one of the Island's most respected financial advisers in this regard.

"Since the withdrawal of the last UK insurer from the Island's pensions market Boal & Co has worked hard to design and create modern Isle of Man pension solutions in partnership with premier local advisers."