SCHEDULES
SCHEDULE 2INTERPRETATION OF REFERNECES TO “BENEFICIAL INTEREST”
F2PART IF2REFERENCES IN ARTICLES 33, 155, 156 AND 158
Employer's charges and other rights of recovery
3
1
Where shares in a company are held on trust, there are to be disregarded—
a
if the trust is for the purposes of a pension scheme, any such rights as are mentioned in sub-paragraph (2), and
b
if the trust is for the purposes of an employees' share scheme, any such rights as are mentioned in sub-paragraph (2)(a),
2
The rights referred to in sub-paragraph (1) are—
a
any charge or lien on, or set-off against any benefit or other right or interest under the scheme for the purpose of enabling the employer or former employer of a member of the scheme to obtain the discharge of a monetary obligation due to him from the member, and
b
any right to receive from the trustee of the scheme, or as trustee of the scheme to retain, an amount that can be recovered or retained underF8 section 57 of the Pension Schemes (Northern Ireland) Act 1993 (deduction of contributions equivalent premium from refund of scheme contributions) or otherwise as reimbursement or partial reimbursement for anyF9 contributions equivalent premium paid in connection with the scheme underF8 Chapter III of Part III of that Act.
Sub-para. (3) rep. by 1990 NI 5
Trustee's right to expenses, remuneration, indemnity, etc.
4
1
Where a company is a trusteeF10. . . , there are to be disregarded any rights which the company has in its capacity as trustee including, in particular, any right to recover its expenses or be remunerated out of the trust property and any right to be indemnified out of that property for any liability incurred by reason of any act or omission of the company in the performance of its duties as trustee.
2
F103
As respects Articles 155, 156 and 158, sub-paragraph (1) applies where a company is a personal representative as it applies where a company is a trustee.
Supplementary
5
1
This paragraph applies for the interpretation ofF12 this Part of this Schedule.
2
“Pension scheme” means any scheme for the provision of benefits consisting of or including relevant benefits for or in respect of employees or former employees; and “relevant benefits” means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death or in anticipation of retirement or, in connection with past service, after retirement or death.
3
In sub-paragraph (2) and in paragraph 3(2)(a), “employer” and “employee” are to be read as if a director of a company were employed by it.
1990 NI 5