Synergy Life offers a single asset class investment for clients through insurance bonds, including personal portfolio bonds and fund platforms, while receiving a significant reduction in charges from those offered in its existing Synergy QROPS product. The product is regulated by the Isle of Man Insurance and Pensions Authority.
Key features of the QROPS include:
- Pension to be taken at retirement through pension drawdown, instead of annuity purchase
- Pensions payable free of Guernsey tax
- A 25% tax free lump sum benefit can be taken at retirement
- Retirement from the age of 55
- Payment of the residual pension fund on a member’s death to be paid free of Guernsey tax
- Transfer-in of pensions from UK pension schemes, with integrated Transfer Value Analysis service
Boal & Co managing director Gary Boal said: “Through our significant QROPS and pensions experience and market research, we believe that clients and their advisers are looking for a cost-effective single investment pension plan.
“Synergy Life has been created to meet these requirements, being a simpler, streamlined version of our flagship Synersy SIPP, and to support the strong strategic partnerships that Boal & Co has already forged within the life assurance industry, and with financial advisers in the Far East and Middle East in particular.”
