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 the following sub-paragraph, and
(b)if the trust is for the purposes of an employees’ share scheme, any such rights as are mentioned in (a) of the sub-paragraph, being rights of the company or, [F1as this paragraph applies for the purposes of section 23(2)] . . . F2 of any subsidiary of the company.
(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 under [F3section 61 of the Pension Schemes Act 1993 (deduction of contributions equivalent premium from refund of scheme contributions)] or otherwise as reimbursement or partial reimbursement for any F4[contributions equivalent premium] paid in connection with the scheme under Part III of that Act.
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
Textual Amendments
F1Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 129(2), 213(2)
F2Words repealed (subject to the transitional and saving provisions in S.I. 1990/355, arts. 5–9) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 18(4)(a), Sch. 24
F3Words in Sch. 2 para. 3(2)(b) substituted (7.2.1994) by 1993 c. 48, s. 190, Sch. 8 para. 16(a); S.I. 1994/86, art. 2
F4Words in Sch. 2 para. 3(2)(b) substituted (6.4.1997) by 1995 c. 26, s. 151, Sch. 6 para. 11; S.I. 1997/664, art. 2(3), Sch. Pt. II
F5Sch. 2 para. 3(3) repealed (subject to the transitional and saving provisions in S.I. 1990/355, arts. 5–9) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 18(4)(b), Sch. 24