Local retirement benefits solutions provider, Boal & Co has acquired a book of business from IOMA Horizons Limited, trading as IOMA Pensions.
The transaction involved the retirement of IOMA as Trustee and Registered Schemes Administrator on four Isle of Man master trust personal pension schemes.
Boal & Co has subsequently taken on both roles as well as the day-to-day administration of the schemes.
Pension Move
All members of each of the pension schemes have consequently been transitioned to Boal & Co following regulatory approval.
Manoj Patel, Managing Director, IOMA Horizons Limited, 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.”
Manoj Patel, Managing Director, IOMA Horizons Limited.
The affected pension scheme members and their advisers have been informed of the changes and reassured that they do not need to take any action at this time.
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