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HMRC internal manual

Inheritance Tax Manual

Pensions: types of pension scheme: Employer-financed retirement benefit schemes (EFRBS)

Employer-financed retirement benefit schemes (EFRBS) are schemes which are set up and financed by employers but are not registered schemes. Before 6 April 2006, such schemes were unapproved schemes and were either:

  • funded unapproved retirement benefit schemes (FURBS) or
  • unfunded unapproved retirement benefit schemes (UURBS).

EFRBS are not entitled to the tax reliefs given to registered schemes but are not restricted in their structure or in the amount or timing of the benefits provided. Most EFRBS are trust based and will be relevant property trusts. But trusts established before 6 April 2006 may be sponsored superannuation schemes and the funds may be excluded from being relevant property if no contributions were made after that date (IHTM17500).

The taxpayer or agent should complete a form IHT409 as for any other pension scheme.