employer-financed retirement benefit scheme


employer-financed retirement benefit scheme
Introduced by the Finance Act 2004, the new term for a funded unapproved retirement benefit scheme (FURBS)or an unfunded unapproved retirement benefit schemes (UURBS) since 6 April 2006. An EFRBS does not count as a registered pension scheme. It is formally defined in section 393A of the Income Tax (Earnings and Pensions) Act 2003 (as amended). An EFRBS does not benefit from the same tax privileges enjoyed by a FURBS or an UURBS, although there are transitional arrangements.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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