FURBS and UURBS - non-registered schemes
FURBS and UURBS may continue, but will not receive tax-favoured status. Amounts saved in FURBS at A-Day will not be tested against the annual and lifetime allowances and the recovery charge will not apply to them. When post A-Day benefits are paid out, whether by lump sum or pension, they will be subject to tax.
Employer contributions to non-registered schemes will not be taxable on the employee or liable to NICs as they are made, nor will the employer get any tax deduction on contributions until benefits are paid. All investment income and capital gains received by non-registered schemes set up under trust will be liable at the tax rate applicable to trusts.