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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