ARTICLE · 31 AUGUST 2001

Pre-Retirement Employee Benefit Scheme (PREBS)

ECS International

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GibraltarEmployment and HR

A PREBS is established Offshore by a U.K. Employment Company for the purposes of paying discretionary bonuses, accidental injury and death in service benefits to employees, their spouse or dependants.
A PREBS is set up under an irrevocable Trust with Offshore Trustees. The Trust Deed will exclude any provision for payment of "relevant benefits" as defined in Section 612(1) ICTA 1988, so that no FURBS subject to Inland Revenue Regulations, is constituted. The Scheme Trustees will have full discretion as to which members; their spouse or dependants will receive benefits.
The Company setting up the PREBS can inform the Scheme Trustees by way of a Memorandum of Wishes what benefits they would like the Trustees to pay to which members and when.

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