BOAL & Co has received a special award at this year's International Fund and Product Awards in recognition of its QROPS scheme.

The company was awarded the Special Award for technical innovation in the Qualified Recognised Overseas Pension Scheme (QROPS) category.

Trinity the very first designer QROPS and was created by the company to maximise the possibilities from the Isle of Man's new section 50C pensions legislation. It is the only registered QROPS of its type.

Gary Boal, managing director of Boal & Co, said: "Boal & Co has been very much at the vanguard of the 50C initiative and we welcome HMRC's positive conclusions in respect of 50C.

"Trinity literally redefines the QROPS landscape and so we are delighted that all the hard work and effort which went into creating Trinity has been recognised by such a leading body as the IFPA."

The International Fund and Product Awards (IFPA) are in their 12th year and recognise the achievements of the offshore financial services industry. They are judged by an independent panel of industry practitioners and experts and this year there were more than 90 entries from a wide range of companies in the offshore sector.

Commenting on Boal & Co's award the IFPA judges said: "We felt that Boal & Co displayed a depth of technical knowledge that shows a clear understanding of the QROPS market. There is no doubt that Boal & Co's work in this sector has not only helped other providers in the sector, it has improved customer choice. It shows a genuine commitment to the market and customers alike."

Deborah Benn, chairman of the judging panel, said: "There is no doubt that standards have improved dramatically with regard to the transparency of products and education material on offer to those investing offshore. The judges were extremely impressed with the level of detail offered by entrants, which highlighted these improved standards."