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E4.841 Retirement benefit schemes—general

Under the pensions regime described in FA 2004, ss 149–284 (Pt 4) there are two types of schemes: registered pension schemes¹ and employer-financed retirement benefit schemes (EFRBS)².

The latter covers any scheme that provides 'relevant benefits' for employees (including directors). Relevant benefits are defined as any lump sum, gratuity or other benefit (including non-cash benefits) to be given on retirement or death; or by virtue of a pension sharing order or provision; or in anticipation of retirement; or, in connection with past service, after retirement or death. They also include benefits given in connection with any change, or anticipated change, in the nature of the employee's service. However, it does not include pension income within ITEPA 2003, ss 565–654 (Pt 9) or benefits chargeable under FA 2004, Sch 34 (see E7.248). It also does not include 'excluded benefits', ie benefits in respect of ill-health or disablement of an employee during service; in respect of death by accident of an employee during service; benefits under a 'relevant life policy'; and benefits prescribed