Employer reservation to discontinue pension scheme does not automatically render trust revocable, approval need not be withheld. A reservation permitting the employer to discontinue contributions does not automatically render an otherwise irrevocable superannuation trust revocable; the trust corpus remains vested in the trustees and such a reservation does not, by itself, offend the conditions of rule 3 of Part B of the Fourth Schedule, so approval need not be withheld for that reason, although the commissioner may act, including withdrawing approval under rule 2, if specified events occur.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Employer reservation to discontinue pension scheme does not automatically render trust revocable, approval need not be withheld.
A reservation permitting the employer to discontinue contributions does not automatically render an otherwise irrevocable superannuation trust revocable; the trust corpus remains vested in the trustees and such a reservation does not, by itself, offend the conditions of rule 3 of Part B of the Fourth Schedule, so approval need not be withheld for that reason, although the commissioner may act, including withdrawing approval under rule 2, if specified events occur.
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