SCHEDULES
F1F1SCHEDULE 2 Interpretation of References to “Beneficial Interest”
F2Part I References in Sections 23, 145, 146 and 148
Sch 2: heading inserted (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 18(2)
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 the following sub-paragraph, and
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 F10section 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 F11contributions equivalent premium paid in connection with the scheme under Part III of that Act.
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12
Trustee’s right to expenses, remuneration, indemnity, etc.
4
1
Where a company is a trustee . . . F13, 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
F163
As respects sections 145, 146 and 148, sub-paragraph (1) above applies where a company is a personal representative as it applies where a company is a trustee.
Supplementary
5
1
The following applies for the interpretation of F17this 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) of this paragraph, and in paragraph 3(2)(a), “employer” and “employee” are to be read as if a director of a company were employed by it.
F24F24F18Part II References in Schedule 5
Sch. 1 Pt. 2 repealed (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2009/948), arts. 2(2), 3, Sch. 1 para. 89, Sch. 2 (with arts. 6, 11, 12)
Sch. 2 paras. 6–9 inserted (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9, Sch. 3) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 18(7)
F19 Employer’s charges and other rights of recovery
Sch. 2 paras. 6–9 inserted (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9, Sch. 3) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 18(7)
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) below;
b
if the trust is for the purposes of an employee’s share scheme, any such rights as are mentioned in paragraph (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 under F20section 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 F21contributions equivalent premiumpaid in connection with the scheme under F20Chapter III of Part III of that Act.
F22 Trustee’s right to expenses, remuneration, indemnity, &c.
Sch. 2 paras. 6–9 inserted (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9, Sch. 3) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 18(7)
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 idemnified 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.
F23 Supplementary
Sch. 2 paras. 6–9 inserted (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9, Sch. 3) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 18(7)
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 VII.
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) of this paragraph and in paragraph 7(2) “employee” and “employer” shall be read as if a director of an undertaking were employed by it.
Schs. 1, 2 repealed (1.10.2009) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2008/2860, art. 4, Sch. 1 (with arts. 5, 7, 8, Sch. 2 (as amended by S.I. 2009/1802, art. 18, Sch.))