Commentary

33.5 Employer-financed retirement benefits schemes

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

33.5 Employer-financed retirement benefits schemes

| Commentary

33.5 Employer-financed retirement benefits schemes

An employer-financed retirement benefits scheme (EFRBS) used to be known as a funded unapproved retirement benefit scheme (FURBS); such schemes were introduced to provide benefits for pension scheme members who had earnings above the old earnings cap. EFRBSs are set up under a trust as an individual arrangement between the employer and the employee, with the employer acting as the trustee. There is no tax relief on contributions into the scheme but equally there is no limit to the benefits payable, and on retirement the director or employee can, if he so wishes, take the

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