Definitions for "UURBS"
Unfunded Unapproved Retirement Benefit Scheme.. A form of unapproved pension scheme. Benefits are promised by an employer to an employee but are not pre-funded. The employer established a "book reserve" to cover the potential liability.
Unfunded unapproved retirement benefits scheme. This is an unfunded occupational pension scheme that is not designed to be approved by the Pension Schemes Office (PSO).
Unfunded Unapproved Retirement Benefit Schemes. A scheme which relates to a promise of benefits by an employer to an employee, where the employer does not set aside a specific fund for that purpose, but does make provision in the employer's annual accounts for the potential liability.Such schemes do not enjoy such favourable tax treatment as approved schemes.The usual purpose of such schemes is to provide benefits in excess of the normal benefit level of approved schemes (eg Personal Pension Plans and Occupational Pension Schemes).The tax treatment of Unfunded Unapproved Retirement Benefit Schemes (UURBS) is very different to the tax treatment of Funded Unapproved Retirement Benefit Schemes (FURBS).