{
  "url": "https://openlegislation.uk/draft-small-companies-and-groups-accounts-and-directors-report-regulations-2008/schedule-2/paragraph-13",
  "json_url": "https://openlegislation.uk/draft-small-companies-and-groups-accounts-and-directors-report-regulations-2008/schedule-2/paragraph-13.json",
  "legislation": "ukdsi/2008/9780110806426",
  "legislation_title": "The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/draft-small-companies-and-groups-accounts-and-directors-report-regulations-2008",
  "path": "schedule/2/paragraph/13",
  "kind": "paragraph",
  "number": "13",
  "heading": "Residual interests under pension and employees’ share schemes",
  "text": "(1) Where shares in an undertaking are held on trust for the purposes of a pension scheme or an employees’ share scheme, there must be disregarded any residual interest of the undertaking or any of its subsidiary undertakings (the “residual beneficiary”) that has not vested in possession.\n(2) A “residual interest” means a right to receive any of the trust property in the event of—\n(a) all the liabilities arising under the scheme having been satisfied or provided for, or\n(b) the residual beneficiary ceasing to participate in the scheme, or\n(c) the trust property at any time exceeding what is necessary for satisfying the liabilities arising or expected to arise under the scheme.\n(3) In sub-paragraph (2)—\n(a) references to a right include a right dependent on the exercise of a discretion vested by the scheme in the trustee or any other person, and\n(b) references to liabilities arising under a scheme include liabilities that have resulted or may result from the exercise of any such discretion.\n(4) For the purposes of this paragraph a residual interest vests in possession—\n(a) in a case within sub-paragraph (2)(a), on the occurrence of the event there mentioned, whether or not the amount of the property receivable pursuant to the right mentioned in that sub-paragraph is then ascertained,\n(b) in a case within sub-paragraph (2)(b) or (c), when the residual beneficiary becomes entitled to require the trustee to transfer to it any of the property receivable pursuant to that right.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2008/9780110806426/schedule/2/paragraph/13",
    "retrieved_at": "2026-10-30T15:17:09.453449+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}