Funded unapproved pension schemes FURBS

Unapproved pension schemes or Funded Unapproved Retirement Benefit Schemes FURBS are occupational schemes that build up retirement benefits in excess of those allowed under approved pension schemes.

Employers typically set them up to provide more flexible remuneration packages for high earners who would be restricted by the earnings cap and for those with less than 20 years service. Such schemes dont receive the generous tax reliefs available to approved pension schemes.

2009-02-17 00:00:00 © Moneyextra.com