The new fees apply to the firm’s standard terms, special terms and ‘Lite’ offerings across its Select (Isle of Man) and Trafalgar (Gibraltar) schemes, for cases issued on or after 1 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 ($1,447, €1,284) 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.
Annual fees have been reduced by 15% for the majority of cases, Boal & Co confirmed to International Adviser. Initial fees have been reduced by between 25% and 40%.
Settled market
To enable intermediaries to take advantage of the new pricing structure, for any cases that are transferred from another Qrop 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,” Kiernan said.
