Funded unapproved pension schemes (FURBS)
Unapproved pension schemes, or Funded Unapproved Retirement Benefit Schemes (FURBS), are occupational schemes that build up retirement benefits in excess of those allowed under approved pension schemes.
Employers typically set them up to provide more flexible remuneration packages for high earners who would be restricted by the earnings cap and for those with less than 20 years service. Such schemes don't receive the generous tax reliefs available to approved pension schemes.