Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Occupational pension scheme definition

What does Occupational pension scheme mean? In practice, an occupational pension scheme is an employer-backed workplace pension set up to provide retirement (and often death or ill‑health) benefits for employees. It is defined in UK pensions legislation (for example, the Pension Schemes Act 1993 and the Pensions Act 2004) and in Ireland’s Pensions Act 1990, and is typically established under trust by a single employer, a group of employers or an industry-wide provider (including master trusts). Key features include: governance by independent or employer-nominated trustees under a trust deed and rules; funding by employer and/or member contributions; benefits provided on a defined benefit,...

Executive retirement provision: FURBS, UURBS and EFRBS—UK tax treatment pre- and post-A-day and impact of disguised remuneration rules

Published by a LexisNexis Pensions expert

Practice notes

Executive retirement benefit provision

In much the same way as senior staff typically command higher pay than the wider workforce, they often also receive more generous pension support from their employers. Executive retirement benefits can be structured in several ways, such as:

dedicated ‘executive’ tiers within group-wide occupational pension schemes offering richer terms than the main section
executive-only registered occupational pension schemes
trust-based, unregistered ‘top-up’ pension arrangements
unfunded contractual pension promises

Before a-day (6 April 2006), when the current registered pension scheme tax rules took effect, executive benefits exceeding the then applicable limits under the tax-approved pensions regime were commonly delivered through either:

funded unapproved retirement benefit schemes (FURBS), or
unfunded unapproved retirement benefit schemes (UURBS)

Both FURBS and UURBS conferred certain tax advantages and were used effectively to top up executives’ existing occupational pension schemes. Since A-day, FURBS and UURBS are generally viewed as the funded and unfunded forms of Employer Financed Retirement Benefit Schemes (EFRBS) respectively. EFRBS are not within the tax regime that applies to registered pension schemes under Part 4 of the Finance Act 2004 (FA 2004)...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...