Jargon Buster
Financial Assistance Scheme
A special scheme covering members who have lost pensions where the employer has become insolvent but who are not covered by the Pension Protection Fund.
FA
Finance Act(s) (esp FA 2004)
FRS
Financial Reporting Standard (17)
FRS 17
Financial standard requiring scheme valuation on a fair value basis and recognition and disclosure in the reporting company accounts.
FSAVC
Free-standing additional voluntary contributions
FURBS
Funded Unapproved Retirement Benefits Schemes - a scheme not approved (under the Pre A Day regime). They were effectively replaced by Employer Financed Retirement Benefits Schemes (EFRBS) from April 2006.
Final Pensionable Salary
In a defined benefits scheme, the pensionable salary used to calculate benefits. FPS may, for example, be calculated as an average of the member's pensionable salaries over a period of years prior to leaving, retirement or death.
FA 2006
Finance Act 2006, contained some of the most wide-ranging changes to the taxation of trusts for decades. Most had immediate effect but there was also a transitional period for certain changes.
Articles
New Tax Rules For ‘Non-Naturals’ Buying UK Residential Property
On 31 May 2012, the UK Government published a consultation
paper on two new tax measures.
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