funded unapproved retirement benefits scheme

funded unapproved retirement benefits scheme
Companies may provide retirement benefits greater than the Inland Revenue limits. Such top-up benefits schemes may be funded through either a FURBS (funded unapproved retirement benefits scheme) or an URBS (unfunded unapproved retirement benefits scheme). The employee will pay tax on the unapproved contribution. The benefits, if taken as a lump sum are not taxed but if converted into a pension are taxed as income. The existence of a top up scheme must be reported to the Inland Revenue. An Inland Revenue booklet explains the treatment of FURBS.

Easyform Glossary of Law Terms. — UK law terms.

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