.png)
.png)
A pensions trust company had been set up in 1954 to provide an additional pension to employees of the taxpayer company. The pensions trust company was run by an independent trustee council to ensure that it was run in accordance with philanthropic principles.
A change in the law in 1997 meant that the pensions trust company had to divest itself of its shares in the taxpayer company. It was therefore merged with the company’s main occupational scheme.
The company paid £3 million to another trustee company so that it could buy the company’s shares from the pensions trust company. An employee benefit trust was then established for the benefit of former and current employees and their families.
On the same day the company’s shares were bought by the trustee company and settled in the employee benefit trust.
In its...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
