Sound Financial Planning
Frequently Asked Questions - Answers
What is an EFRBS?
From 6th April 2006 non exempt approved pension schemes are likely to be EFRBS for the purposes of tax legislation. In other words, an EFRBS is merely a type of pension scheme that does not follow the normal tax and practical rules for pension schemes.
Does HM Revenue and Customs recognise EFRBS?
Yes, they are written in accordance with statutoryregulations and their own manuals refer to EFRBS. Each EFRBS, as soon as it is set up, is registered with HMRC and receives a reference number confirming the EFRBS status.
Have there been any challenges from HMRC?
HMRC have opened a few random enquiries into EFRBS set up but all enquiries have been successfully answered.
Can I transfer assets from my company into an ERFBS?
Yes. Assets can be transferred from the company into an EFRBS. Whilst there will be no tax or
national insurance liability on the individual there will be a possible capital gains tax charge for the
company on the increase in value of the assets.
Do contributions into an EFRBS affect any contributions into my other pension schemes?
No. Contributions into an EFRBS have no relevance to exempt pension schemes nor do they count for the lifetime allowance which caps the amount of pension fund value you can amass.
From 6th April 2006 non exempt approved pension schemes are likely to be EFRBS for the purposes of tax legislation. In other words, an EFRBS is merely a type of pension scheme that does not follow the normal tax and practical rules for pension schemes.
Does HM Revenue and Customs recognise EFRBS?
Yes, they are written in accordance with statutoryregulations and their own manuals refer to EFRBS. Each EFRBS, as soon as it is set up, is registered with HMRC and receives a reference number confirming the EFRBS status.
Have there been any challenges from HMRC?
HMRC have opened a few random enquiries into EFRBS set up but all enquiries have been successfully answered.
Can I transfer assets from my company into an ERFBS?
Yes. Assets can be transferred from the company into an EFRBS. Whilst there will be no tax or
national insurance liability on the individual there will be a possible capital gains tax charge for the
company on the increase in value of the assets.
Do contributions into an EFRBS affect any contributions into my other pension schemes?
No. Contributions into an EFRBS have no relevance to exempt pension schemes nor do they count for the lifetime allowance which caps the amount of pension fund value you can amass.
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