Jurisdiction(s):
United Kingdom

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Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

Share Incentive Plan Rules (Schedule 2 ITEPA): Eligibility, Awards, Holding Periods, Forfeiture, Trustee and Corporate Actions (England and Wales)

Published by a LexisNexis Share Incentives expert

Precedents

1 Definitions and interpretation

1.1 The terms below shall be interpreted as follows:

accumulation period — with respect to partnership shares, the span during which the Trustee holds a Qualifying Employee’s Partnership Share Money before buying Partnership Shares or returning it to the employee;
Acquisition Date —
- (a) for Partnership Shares where an Accumulation Period is in place, has the meaning given in paragraph 52(5) of Schedule 2;
- (b) for Partnership Shares where no Accumulation Period is in place, has the meaning given in paragraph 50(4) of Schedule 2;
- (c) for Dividend Shares, has the same meaning given by paragraph 66(4) of Schedule 2;
Associated Company — has the same meaning as in paragraph 94 of Schedule 2;
Award Date — in respect of Free Shares or Matching Shares, the date on which those Shares are granted;
Award —
- (a) in respect of Free Shares and Matching Shares, the allocation of Free Shares and Matching Shares in accordance with the Plan; and
- (b) in respect of Partnership Shares, the purchase of Partnership Shares on behalf of Qualifying Employees in accordance with the Plan;
Award Maximum — has the meaning assigned to that term in Rule 8.8;
Board — the board...

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Jonathan Fletcher Rogers

Addleshaw Goddard

Jonathan is the head of Addleshaw Goddard's Employee Incentives and Remuneration practice, and advises UK and multinational clients on the design and implementation of share and cash-based employee incentive plans. He also advises quoted companies on corporate governance and disclosure issues in relation to remuneration. Jonathan is a regular speaker at conferences on executive remuneration and share plans more generally and has been recognised as a leading individual in employee incentives in Chambers and Partners....

Web page updated on 27/05/2026

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