There are certain guidance to be followed while setting up an EFRBS HMRC, the Employer Financed Retirement Benefits Scheme as per Her Majesty’s Revenue and Customs (HMRC). First is of course the matter that the scheme (if it is a funded scheme) should be set up under a trust (for maximum benefits). The trustees need not be completely independent of the company. In fact the directors of the company or its board members can also be the trustees of the scheme. But, if you do that, the tax benefits would be less since a good percentage of the benefits of setting up EFRBS HMRC comes from setting it up under offshore trustees.

Yes, the EFRBS HMRC could be set up both onshore and offshore. If you are having it onshore then using your directors as trustees would be useful since it would reduce your running costs. The company of course needn’t pay any income taxes or National Insurance Charges (NIC) on the money sent to the scheme. If you are having an unfunded scheme then also setting up a fraction of the money under a third party is advisable (though not necessary).

The EFRBS HMRC scheme should be set up for all the employees of the company (and their families) though the benefits awarded to each employee could vary based on the employer’s discretion. The minimum contribution is £200,000 and would require fees of £30,000 (the costs of setting up the trust would be additional). The trust deed should be drafted in compliance with all the stipulations regarding the benefits and terms of retirements (you could get HMRC guidance regarding that) mentioning the three parties involved – the settler (employer), the trustee and the beneficiary (employee). The deed should be registered with the HMRC. HMRC will provide a tax reference number when the scheme is registered which could be used to file tax returns.

When EFRBS HMRC scheme starts operation (when employer starts contributing or when benefits are paid), certain particulars namely the scheme name, the responsible person’s (the onshore trustee’s, the employer’s, or the offshore trustee’s) address and the date when scheme started operating should be reported to HMRC by January 31st following the fiscal year end in which the scheme starts operation. Also, every year before 7th July, details such as the beneficiary’s name (if somebody has been given the benefits), national insurance number and address and the benefit details such as the amount and the type of benefit should be reported to HMRC.

The EFRBS HMRC reports should be sent to whichever trust office deals with the scheme’s trust or if you haven’t set up any trust, then to the Pension Schemes Services (Technical Division), FitzRoy House, Castle Meadow Road, Nottingham, NG2 1BD.

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How do I change my name on my national insurance card?

Last question on how I can change my name on my card National health insurance? Yahoo: I must change my name on my national insurance card, how do I do?

Answer: I did this has on the HMRC website If you marry, form a civil society or rename any other reason, it is necessary to know that HMRC. You can do so by writing to: HM Revenue & Customs National Insurance Office Benton Park View Newcastle upon Tyne NE98 1ZZ

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