unfunded unapproved retirement benefit scheme


unfunded unapproved retirement benefit scheme
Now known as employer-financed retirement benefit schemes (EFRBS), unapproved occupational pension schemes that employers used to set up to provide top-up benefits for employees who were caught by the pensions cap. No new UURBS can be set up since 6 April 2005. The employer entered into a contractual commitment to pay a pension at retirement, but did not make any payments to fund that pension promise. Instead, it simply paid out benefits at retirement. UURBS could not be approved by HM Revenue & Customs (HMRC), but an employer could deduct benefits paid to an employee from its liability for corporation tax.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • unfunded unapproved retirement benefit schemes — (UURBS) Now known as employer financed retirement benefit schemes (EFRBS), unapproved occupational pension schemes that employers used to set up to provide top up benefits for employees who were caught by the pensions cap. No new UURBS can be set …   Law dictionary

  • funded unapproved retirement benefit scheme — funded unapproved retirement benefit schemes (FURBS) 1) Now known as employer financed retirement benefit schemes (EFRBS), unapproved occupational pension schemes that employers used to set up to provide top up benefits for employees who were… …   Law dictionary

  • employer-financed retirement benefit scheme — (EFRBS) 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 …   Law dictionary

  • occupational pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… …   Law dictionary

  • FURBS — Companies may provide retirement benefits greater than the Inland Revenue limits. Such top up benefits schemes may be funded through either a FURBS (funded unapproved retirement benefits scheme) or an URBS (unfunded unapproved retirement benefits …   Law dictionary

  • Pensions in the United Kingdom — fall into seven major divisions; Basic State Pension, State Second Pension (S2P), Occupational Pensions, Stakeholder Pensions, Group Personal Pensions and Personal or Individual Pensions. Personal accounts, automatic enrollment and the minimum… …   Wikipedia

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  • EFRBS — (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 …   Law dictionary

  • UURBS — unfunded unapproved retirement benefit schemes (UURBS) Now known as employer financed retirement benefit schemes (EFRBS), unapproved occupational pension schemes that employers used to set up to provide top up benefits for employees who were… …   Law dictionary