Leading International Pensions provider Boal & Co has reduced its fees across its QROPS schemes, having reviewed its pricing structure following feedback provided by introducers.
The new fees apply to its standard terms, special terms and ‘Lite’ offerings across its Select (Isle of Man) and Trafalgar (Gibraltar) schemes, for cases issued on or after 1st March 2016.
As well as the initial fee being lowered, the annual fee has been reduced for the standard and special terms. In addition, the transfer fee to other providers is now fixed at £1,000 across all three offerings. Transfers within the Boal & Co range remain free of charge. The minimum and maximum transfer sums remain the same, although the number of inclusive transfers permitted has been doubled for each offering.
To enable intermediaries to take advantage of the new pricing structure, for any cases that are transferred from another QROPS scheme or provider the initial fee will be waived.
Chief Executive Mark Kiernan commented, ‘the restructuring follows an internal review of our fees, incorporating much valued feedback received from our introducers. The QROPS market has settled somewhat in the last few years, and this new structure ensures we remain competitive. This is clearly great news for both current and new introducers, as our enhanced service offering is now available at the same price as those companies who not only lack the technical expertise provided by Boal & Co, but also aren’t pension businesses at their core.’
Boal & Co has been transacting UK pension transfers since 1995. It offers services that other providers can’t offer, such as its Transfer Value Analysis Service which is performed by Boal & Co’s in-house actuarial team, leaving the company uniquely placed to service intermediaries who are operating in this market.
Mark said, ‘the new fee structure is timely for us as we look to expand our offering to new jurisdictions in the very near future.’