Q&As

If a Funded Unapproved Retirement Benefits Scheme which became an Employer-Financed Retirement Benefits Scheme on A-day provided for the payment of benefits at age 50, can those benefits still be taken at age 50 or do they have to be taken at age 55?

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Published on LexisPSL on 26/11/2019

The following Pensions Q&A provides comprehensive and up to date legal information covering:

  • If a Funded Unapproved Retirement Benefits Scheme which became an Employer-Financed Retirement Benefits Scheme on A-day provided for the payment of benefits at age 50, can those benefits still be taken at age 50 or do they have to be taken at age 55?

We refer you to Practice Note: Retirement schemes for executives—UURBS, FURBS and EFRBS. As mentioned in that Practice Note, Funded Unapproved Retirement Benefits Scheme which became funded Employer-Financed Retirement Benefits Scheme (EFRBS) on A-day continued to enjoy certain tax advantages following A-day. This includes, among other things, the fact that payments of benefits out of an EFRBS are not subject to National Insurance Contributions (NICs) provided:

  1. they could have b

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