Isle of Man retirement benefits solutions provider, Boal & Co (Pensions), has acquired a book of business from IOMA Horizons, trading as IOMA Pensions.
The transaction, which completed on 25 March 2025, 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. 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, commented: “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.”
Mark Kiernan, Chief Executive Officer, Boal & Co Group, added: “We are delighted to welcome the transferring members to Boal & Co. 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.”
Mark Doyle, Director, Personal Pensions, 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.
“A proudly local business, based at the Isle of Man Business Park, we place great importance on our service standards, whether that be over the phone, by email, or face to face. Our long-standing, specialist personal pensions team look forward to working with our new members and their advisers.”
Pictured: Left to right – Manoj Patel, Managing Director, IOMA Horizons Limited with Mark Doyle, Director, Personal Pensions, Boal & Co (Pensions) Limited
