FURBS

The Funded Unapproved Retirement Benefit Scheme (FURBS) is a retirement savings vehicle still used in the UK. No new FURBS have been created since 2006. However, they remain an advantageous retirement savings option for those who have them – as long as you have the right provider to manage the scheme. 

The key points about FURBS

• A much larger limit than a regular pension scheme
• Used as a form of top up benefit for higher earning employees
• Contributions made before 6 April 2006 not subject to inheritance tax
• IHT regime that applies to other discretionary trusts isn’t applicable

The problem with FURBS

There is nothing inherently wrong with FURBS – quite the opposite. However, problems have arisen with the handling of the schemes by the trustees managing them. Escalating fees and poor service are two key issues many have experienced.

Why transfer your FURBS trustees?

An efficiently managed FURBS makes life much easier for everyone. There are many benefits to optimising your FURBS by transferring to new trustees, including:

• Strong, transparent client relationships – face-to-face contact and dedicated staff
• Fixed fees – costs that won’t escalate unpredictably
• Competitive pricing – service that delivers on both cost and quality
• Expertise and knowledge – work with a team with an in-depth understanding of FURBS and its place in the modern retirement savings market
• Better overall management – the better the FURBS is managed, the more cost effective this will be for the business

How to transfer FURBS

Executing a FURBS transfer is simple and fast. If you’d like to find out more please get in touch.