The four BlackRock funds that drive Waves Money have returned an average of 6.35% per year for the past 19 years.

Waves Money Terms and Conditions

The following standard terms and conditions shall apply to all services carried out by Boal & Co (Pensions) Ltd (referred to as Boal & Co). All work carried out in such assignments shall be subject to these terms. Other than as stated in this agreement or a separate such agreement, no services are provided to the client by any parent, sister or other company associated with Boal & Co.

1 Definitions

1.1 “Arrangement” means an arrangement made by a Member with the Trustee to provide benefits under the Plan.

1.2 “Client” shall include the heirs, legatees, successors, personal representatives and assignees of the members of the Plan.

1.3 “IOMFSA” means the Isle of Man Financial Services Authority.

1.4 “Plan” means the Freedom International Personal Pension Plan, marketed as Waves by Yachting Financial Solutions (Ireland) DAC (YFSOL).

1.5 “Scheme Administrator” means Boal & Co (Pensions) DAC.

1.6 “Services” means the services provided by Boal & Co.

1.7 “Trustee” means Boal & Co (Pensions) Ltd.

1.8 “Underlying Investment Fund” means the BlackRock Investment Fund regulated and domiciled in the United Kingdom.

2 Member Declaration

By applying for the savings and investment element of Waves you are bound to the following statements:

a. I apply for membership of the Plan.

b. I agree to be bound by the Rules of the Plan.

c. I acknowledge and accept the Terms and Conditions for the Service provided by the Scheme Administrator and Trustee of the Plan.

d. I understand that the Trust Deed and Rules and the Terms and Conditions may be amended by the Trustee as required from time to time.

e. I will undertake to notify the Scheme Administrator of any changes to my residence status, name or permanent address in writing within 30 days.

f. I request the Trustee and Scheme Administrator to appoint YFSOL as my Financial Adviser, and will not hold the Trustee or Scheme Administrator responsible for any delays in the purchase or sale of any investments. I fully indemnify the Trustee and Scheme Administrator against any claim in respect of any investment decision or directions.

g. I acknowledge and agree that all contributions made to my Waves Plan will be invested in the BlackRock Investment fund.

h. I confirm that I have read and understand the fee structure and agree to the fees that will be charged. This includes any fees agreed with my Financial Adviser, YFSOL.

i. I consent to the Trustee and Scheme Administrator providing correspondence and information in relation to my Waves Plan to my appointed Financial Adviser YFSOL.

j. I consent to the Scheme Administrator deducting fees from my Waves Plan as agreed in Fees Appendix of this application.

k. I consent to the Trustee and Scheme Administrator using the information supplied on the Application Form to administer my Waves Plan and acknowledge that the information may be held in any form for the purpose of administering my Waves Plan. I agree to the Trustee and Scheme Administrator disclosing in confidence any information required by the Isle of Man Income Tax Division or, IOMFSA, or any other relevant regulatory body or professional adviser as required.

l. I confirm that I am not a resident of the Isle of Man or a US citizen for tax reporting purposes.

m. I confirm that the information contained in this form, including information regarding my Scheme, may be reported to the tax authorities in the country in which this Scheme is maintained, and may be exchanged with the tax authorities of another country or countries in which I am tax resident.

n I confirm that to the best of my knowledge that the particulars provided on the Application Form are correct and complete.

o. I understand that it is an offence to make false statements, and that any false statement could invalidate membership of the Plan and lead to prosecution.

3 Investment Business

Boal & Co does not carry on investment business or provide investment advice. Any investment transactions to which it is party will not involve the giving of investment advice. The client acknowledges the need to take such investment advice as may be required from your designated financial adviser Yachting Financial Solutions (Ireland) DAC.

For the avoidance of any doubt, Boal & Co does not owe to the Member, nor does it accept, any obligation or duty whatsoever to:-

a. monitor the performance of any investment linked to the Client’s Waves Plan within the Plan;
b. provide any proactive or unsolicited investment or other advice to the Client;
c. manage any investment on behalf of the Member whether within the Client’s Waves Plan or otherwise; or
d. advise the Client to sell, exchange, surrender or otherwise dispose of any investment held within the Client’s Waves Plan, and the Client hereby acknowledges the above.

4 Client Requests and Disclosure

4.1 Boal & Co shall be entitled to act upon the requests of the Client or the Client’s financial adviser, whether given by word of mouth, letter, telephone, facsimile, email or other means.

4.2 Boal & Co shall not be obliged to perform any of the Services or act on any instructions which might in its opinion contravene the laws of any jurisdiction in which it is carrying out Services or be contrary to its policies.

4.3 Boal & Co shall not be liable for any failure or delay to carry out requests or for any errors in carrying out requests, other than in the case of fraud, negligence on the part of Boal & Co or its officers, unless outside reasonable control.

4.4 Boal & Co shall not be obliged to act upon any instructions which appear to it to be conflicting, ambiguous, unclear or of uncertain authenticity. Where Boal & Co is unable to obtain sufficient and satisfactory instructions it reserves the right to satisfy any liabilities of the Client, or generally act within its discretion as it sees fit. The Client agrees to provide Boal & Co such information as it shall request in relation to all monies forwarded to the pension scheme account by or on behalf of the Client and in relation to all payments to the Client or on the Client’s behalf. Boal & Co shall be entitled at all times if its requests for such information are not complied with to reserve the right to disregard such instructions.

4.5 The Client shall, at all times, ensure full disclosure of any and all information relevant to the services.

5 Indemnity

5.1 The Member (jointly and severally if more than one) indemnifies and agrees to hold harmless and will keep indemnified and hold harmless Boal & Co from all actions, suits, claims, demands, proceedings, liabilities costs and expenses whatsoever which may be taken or made against Boal & Co or the Scheme in respect of the Services.

5.2 The indemnity contained in the above clause shall extend to all directors, officers, agents and staff from time to time of Boal & Co and its affiliated firms or companies including YFSOL and the BlackRock Investment Fund.

6 Liability

6.1 Unless otherwise stated herein, Boal & Co shall be liable for the acts, decisions and advice that are made in the performance of the Services. Accordingly, Boal & Co shall hold harmless the Client with respect to any direct losses arising under or in connection with this agreement, including, without limitation, for breach of contract, negligence or other tort, or breach of statutory duty in the performance of the Services.

6.2 The Client agrees that save for liability for death or personal injury, Boal & Co’s entire liability for the losses described in (a) above shall not exceed £10,000. Boal & Co shall not be liable for any other loss whatsoever.

7 Fees and discharge

7.1 Boal & Co’s and the BlackRock Investment Fund fees are listed in the Fees Appendix (11), where VAT is or becomes payable on any of the services, it will be added at the applicable rate.

7.2 The Client agrees to pay for the Fees under 7.1 and authorises Boal & Co to collect all fees from your Waves Plan. Boal & Co shall be entitled to discharge its fees, and other charges out of the assets of the Plan, and such entitlement shall be, in priority to any other rights or claims on such assets, including any such right or claim of the Client. In the event of sufficient funds not being available to meet such costs, the Client undertakes to pay said costs.

8 Legal and Tax Advice

Boal & Co does not advise on any legal and tax implications which may affect the Client and the Client hereby confirms that Boal & Co has not given any advice and has made no representations or warranty as to its ability to advise on legal and taxation matters. The Client is therefore advised to seek such legal and tax advice as may be necessary in relation to the Client’s affairs.

9 Exclusions

No resident of the Isle of Man or US Citizen may participate in the Freedom International Personal Pension Plan.

10 Governing Law

These terms and conditions of business shall be subject to and construed in accordance with the laws and the courts of the Isle of Man, which shall have exclusive jurisdiction to hear any dispute connected with the assignment. The Client agrees to accept and be bound by such Terms and Conditions by executing hereunder and irrevocably submits to the non-exclusive jurisdiction of the courts of the Isle of Man and the services of process out of any courts by mailing copies thereof by registered mail to his address or their addresses as detailed hereafter.

11 Fees

1) There is a monthly service fee of EUR15/USD18. This covers the fixed costs associated with the banking structure that underpins Waves. This is added to the money you transfer into Waves each month. If you have stopped paying into Waves, but still have money invested in it, EUR180/USD216  (or pro rata share thereof) will be deducted from the value of your fund once per year to cover these costs.

2) There is a 2.5% charge on your monthly investments to pay for the mechanism of investing your money into the BlackRock Investment Fund. In other words, 97.5% of the money you pay in is invested into the funds each month.

3) There is an annual 1.75% fee to pay for the costs associated with administering the Waves scheme. This includes the services of Yachting Financial Solutions and Boal & Co, the two principal companies involved in running the Waves plan. This fee is deducted annually from the value of your Waves plan.

Privacy Policy

We take your privacy and your data very seriously

Waves Money Privacy Policy

If you require any further information or have any questions about our privacy policy, please contact us by email at

At Yachting Financial Solutions ( and Boal (, we consider the privacy of our visitors to be extremely important. This privacy policy page describes in detail the types of personal information collected and recorded by Yachting Financial Solutions on and how we use it.

Log Files

Just like many other Web sites, makes use of log files. These files merely logs visitors to the site—usually a standard procedure for hosting companies and a part of hosting services’ analytics. The information inside the log files includes internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date/time stamp, referring/exit pages, and possibly the number of clicks. This information is used to analyse trends, administer the site, track a user’s movement around the site, and gather demographic information. IP addresses and other such information are not linked to any information that is personally identifiable.

Cookies and Web Beacons uses cookies to store information about visitors’ preferences, to record user-specific information on which pages the site visitor accesses or visits, and to personalize or customize our web page content based upon visitors’ browser type or other information that the visitor sends via their browser.

Data You Provide

In applying for Waves, you’ll be transmitting personal data to us. We take your information very seriously and will never knowingly expose it to third-parties. That said, we do use the services of two companies to support the online fact-find and application process.

We use Typeform ( to gather the information included in the online fact-find process (Is Waves for You? Take the Test!). Your answers are transmitted to Yachting Financial Solutions and Boal and held in your private Waves account file. Typeform stores secure copies of this information using Amazon’s AWS service. Typeform has strict confidentiality policies. You can read those here:

We use Wufoo, a service provided by SurveyMonkey Inc, to gather the information we need to set up your Waves account (Sign up for Waves). Your answers are transmitted to Yachting Financial Solutions and Boal and held in your private Waves account file. You can find the Wufoo privacy policy here:

Children’s Information

We believe it is important to provide added protection for children online. We encourage parents and guardians to spend time online with their children to observe, participate in and/or monitor and guide their online activity. does not knowingly collect any personally identifiable information from children under the age of 13. If a parent or guardian believes that has in its database the personally-identifiable information of a child under the age of 13, please contact us immediately at and we will use our best efforts to promptly remove such information from our records.

Online Privacy Policy Only

This privacy policy applies only to our online activities and is valid for visitors to our website and regarding information shared and/or collected there. This policy does not apply to any information collected offline or via channels other than this website.


By using our website, you hereby consent to our privacy policy and agree to its terms.


This Privacy Policy was last updated on: Wednesday, 23rd October, 2016. Any updates, amends or any changes to our privacy policy, will be posted here.