GLOSSARY

Unfunded unapproved retirement benefits scheme definition

What does Unfunded unapproved retirement benefits scheme mean?

Prior to A-day, these schemes operated in a similar manner to funded unapproved retirement benefits scheme (FURBS) but held no funds to back the promise. If the employer became insolvent, the pension could not be paid. Since A-day, UURBS have been treated as employer-financed retirement benefit schemes, receiving similar treatment to other pension schemes that provide taxable benefits to employees.

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