Island retirement benefits solutions provider Boal & Co has acquired a book of business from IoMA Horizons Limited, trading as IOMA Pensions (IOMA).
The transaction, which completed on March 25, involved the retirement of IOMA as trustee and registered schemes administrator on four Isle of Man master trust personal pension schemes.
Braddan-based Boal & Co has subsequently taken on both roles as well as the day-to-day administration of the schemes.
All members of each of the pension schemes have consequently been transitioned to Boal & Co following regulatory approval.
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Managing director of IOMA Horizons Limited Manoj Patel said: ‘After some 50 years IOMA Group has been rationalising and running off its business.
‘In this context, Boal & Co has been selected as the best fit for the pensions arm of the group, primarily due to its sole focus on pension trusteeship and administration, but also its shared philosophy, impeccable reputation and the expertise of its teams.
‘Our priority throughout this process has been ensuring continuity for our members and finding a provider that will deliver service excellence going forward. We are confident that Boal & Co will achieve both.’
Boal & Co Group chief executive officer Mark Kiernan added: ‘We are delighted to welcome the transferring members.
‘Established as a family business in 1995, we have been serving the local market for 30 years.
‘As a specialist pensions trustee and administration company, we offer a level of expertise and focus that many other providers would find difficult to match.
‘Our new members and their advisers will be warmly welcomed and can expect the highest levels of governance and service standards on their pension schemes.’
Personal pensions director Mark Doyle added: ‘Members can rest assured that nothing fundamental is changing with regard to their pension plans, other than the responsibility of the administration and oversight now sitting with Boal & Co.’
Members and/or IFAs can contact Boal & Co directly by emailing [email protected] or calling 606606.