Employer-financed retirement benefits scheme

Introduced by the Finance Act 2004, an employer-financed retirement benefits scheme (EFRBS) is a pension scheme that is not a registered pension scheme (www.practicallaw.com/5-201-6474). The statutory definition is contained in section 393A of the Income Tax (Earnings and Pensions) Act 2003. A formerly unapproved scheme (whether a funded unapproved retirement benefit scheme (www.practicallaw.com/2-201-2613) (FURBS) or an unfunded unapproved retirement benefits schemes (www.practicallaw.com/7-200-3625) (UURBS)) has been treated for tax purposes as an EFRBS since 6 April 2006 if it did not apply for registered status.

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