Nanocomposites were prepared by solution blending of polyhedral oligomeric silsesquioxane with phenethyl substituents (PhenethylPOSS) into poly(bisphenol A carbonate) (PBAC). The nanocomposites were investigated by dielectric spectroscopy, differential scanning calorimetry (DSC) and density measurements. PhenethylPOSS shows one relaxation process, the alpha-relaxation, confirmed by DSC investigations. PBAC shows a beta-relaxation at lower and an alpha-relaxation at higher temperatures. With increasing PhenethylPOSS content the alpha-relaxation of the composites shifts to lower temperatures. Thus, incorporation of PhenethylPOSS leads to a plasticization of PBAC due to a decrease of the packing density which is rationalized by density measurements. For higher concentrations of PhenethylPOSS (> 10 wt %) the alpha-relaxation of the polycarbonate matrix splits into two peaks. Moreover, close to the alpha-relaxation of PhenethylPOSS a third process is observed. These results indicate a phase separation into a PBAC matrix with a few percents of molecularly solved POSS and POSS-rich domains. These POSS-rich domains are surrounded by an interfacial layer of PBAC having a higher concentration of POSS than the matrix. A phase diagram is deduced providing a miscibility criterion. For the phase separated nanocomposites an interfacial polarization phenomena is observed. Using a simplified model the time constant of this process is correlated with the size of the PhenethylPOSS-rich domains and theire increasing size with the increase of the concentration of POSS.