Introduced by the Finance Act 2004, an employer-financed retirement benefits scheme (EFRBS) is a pension scheme that is not a registered pension scheme. The statutory definition is contained in section 393A of the Income Tax (Earnings and Pensions) Act 2003. A formerly unapproved scheme (whether a funded unapproved retirement benefit scheme (FURBS) or an unfunded unapproved retirement benefits schemes (UURBS)) has been treated for tax purposes as an EFRBS since 6 April 2006 if it did not apply for registered status.