Some occupational pension schemes which were in existence at 5
April 2006 had been set up specifically to provide the part of
benefits which were in excess of HMRC maximum limits for approved
schemes at the time. These ‘top-up’ schemes did not
therefore apply for approval. They were known as Funded Unapproved
Retirement Benefit Schemes (FURBS) or Unfunded Unapproved
Retirement Benefit Schemes (UURBS), depending on whether there was
a fund to provide benefits, or whether the benefits were promised
to the member without actually setting funds aside. Because these
schemes were not approved schemes at 5 April 2006, they are not
automatically treated as
registered pension schemes. For details of the tax
treatment from 6 April 2006 onwards of what were FURBS and UURBS
and which are trust schemes, please see the guidance in the
Employment Income Manual at EIM15000.
A FURBS or UURBS which existed before 6 April 2006 may apply
to become a registered pension scheme with effect from a date on or
after 6 April 2006. If the registration conditions (see
RPSM02101010) are satisfied, HMRC
will register the scheme, which will become subject to the tax
regime for registered pension schemes from the date of
registration.
An existing pension scheme at 5 April 2006 which had been a tax approved scheme but which had, at a date before 6 April 2006, lost tax approval is not automatically treated as a registered pension scheme from 6 April 2006. The scheme may however become a registered pension scheme at any time from that date onwards if its scheme administrator applies for registration for the scheme and satisfies the registration conditions.
| Glossary ( RPSM20000000) |
