SCHEDULES
SCHEDULE 2INTERPRETATION OF REFERNECES TO “BENEFICIAL INTEREST”
F4F4PART IIREFERENCES IN SCHEDULE 5
Employer's charges and other rights of recovery
7
1
Where shares in an undertaking are held on trust, there shall be disregarded—
a
if the trust is for the purposes of a pension scheme, any such rights as are mentioned in sub‐paragraph (2);
b
if the trust is for the purposes of an employees' share scheme, any such rights as are mentioned in head (a) of that sub‐paragraph,
being rights of the undertaking or any of its subsidiary undertakings.
2
The rights referred to 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 underF2 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 anyF3 contributions equivalent premium paid in connection with the scheme underF2 Chapter III of Part III of that Act.
Trustee's right to expenses, remuneration, indemnity, &c.
8
Where an undertaking is a trustee, there shall be disregarded any rights which the undertaking 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 undertaking in the performance of its duties as trustee.
Supplementary
9
1
The following applies for the interpretation of this Part of this Schedule.
2
“Undertaking”, and “shares” in relation to an undertaking, have the same meaning as in Part VIII of this Order.
3
This Part of this Schedule applies in relation to debentures as it applies in relation to shares.
4
“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.
5
In sub‐paragraph (4) and in paragraph 7(2) “employee” and “employer” shall be read as if a director of an undertaking were employed by it.
Sch. 2 Pt. II (paras. 6-9) repealed (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 para. 146 {Sch. 2} (with arts. 6, 11, 12)