445Section 444: registered pension schemesU.K.
(1)If shares in a company (“C”) are held on trust for a registered pension scheme, the persons holding the shares are to be treated, for the purposes of section 444(2) and (3)—
(a)as the beneficial owners of the shares, and
(b)in that capacity, as a company which is not a close company.
(2)But subsection (1) does not apply if the scheme is established wholly or mainly for the benefit of—
(a)directors, employees, past directors or past employees of a company within subsection (3), or
(b)dependants of an individual within paragraph (a).
(3)The companies within this subsection are—
(a)C,
(b)an associated company of C,
(c)a company which is under the control of—
(i)a director of C,
(ii)an associate of a director of C, or
(iii)two or more persons each of whom is such a director or associate, and
(d)a close company.
(4)For the meaning of—
(a)“associate”, see section 448, and
(b)“associated company”, see section 449.