Funded Unapproved Retirement Benefits Scheme GAD Government Actuary Department
Funded Unapproved Retirement Benefit Scheme. A rarely used employer paid scheme usually for higher paid employees paid in excess of the earnings cap. The tax treatment of FURBS is significantly less favourable than for standard occupational schemes and Personal Pensions. There are also Unfunded Unapproved Retirement Schemes (UURBS) which are even rarer.
Funded Unapproved Retirement Benefit Scheme. A pension scheme that does not receive such favourable tax treatment as approved schemes, but is not restricted by contribution limits.
See Funded Unapproved Retirement Benefit Schemes above.
Funded Unapproved Retirement Benefit Schemes. The 1989 Finance Act extended the scope for unapproved pension schemes to provide benefits in excess of the 'normal' benefits for approved schemes. Both types may now run in tandem.
Funded Unapproved Retirement Benefit Schemes" & _ " Allows employers to provide pension benefits in excess of the limit allowed by an approved pension scheme. All approved schemes are restricted by the ' Salary Cap', which limits the amount of salary that can be pensioned. Unapproved schemes are suited to high earners that may be restricted by the earnings cap. They do not receive the same tax relief as approved plans.
Funded unapproved retirement benefits scheme. This is an occupational pension scheme that is not designed to be approved . This type of scheme saves up assets to pay member's benefits , unlike an unfunded scheme . Most FURBS are top-up pension schemes .
Signet Group Funded Unapproved Retirement Benefit Scheme
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 scheme). The employee will pay tax on the unapproved contribution. The benefits, if taken as a lump sum are not taxed but if converted into a pension are taxed as income. The existence of a top up scheme must be reported to the Inland Revenue. An Inland Revenue booklet explains the treatment of FURBS.
Funded Unapproved Retirement Benefit Schemes. A scheme which relates to a promise of benefits by an employer to an employee and the setting aside by the employer of funds for that purpose. Such schemes do not enjoy such favourable tax treatment as approved schemes, but are not restricted by contribution limits such as the Earnings Cap. Contributions can be made to the scheme by the employee. The usual purpose of such schemes is to provide benefits in excess of the normal benefit level of approved schemes (eg Personal Pension Plans and Occupational Pension Schemes). The tax treatment of Unfunded Unapproved Retirement Benefit Schemes (UURBS) is very different to the tax treatment of Funded Unapproved Retirement Benefit Schemes (FURBS).
Employer-sponsored retirement savings vehicle Not as tax-efficient as approved occupational pension schemes or personal pensions.
