Employer-financed retirement benefit schemes (EFRBS) ― overview

Produced by Tolley in association with

Employment Tax

Guidance

Introduction

The Finance Act 2004 introduced EFRBS as the replacement tax framework, with effect from 6 April 2006, for unapproved schemes ― which had colloquially been known by the acronyms FURBS (Funded Unapproved Retirement Benefit Schemes) and UURBS (Unfunded Unapproved Retirement Benefit Schemes) depending on whether they were funded or unfunded.

The rules for EFRBS are closer to the rules as they previously applied to UURBS than to those associated with what were FURBS.

EFRBS

Relevant benefits

An EFRBS is defined as a scheme for the provision of benefits that consists of or includes relevant benefits. Subject to certain excluded benefits, ‘relevant benefits’ are defined by ITEPA 2003, s 393B as any lump sum, gratuity or other benefit (including non-cash benefits) provided:

•
on retirement or on death of an employee or former employee
•
in anticipation of retirement

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