Commentary on Sections Overview Part 5: Free shares Paragraph 34: Free shares: introduction
3053.This paragraph is introductory. It derives from paragraphs 23 and 25 of Schedule 8.
3054.Sub-paragraph (1) sets out the requirements that must be met by all SIPs that provide for free shares. This sub-paragraph expands paragraph 23 of Schedule 8 by specifying the relevant requirements, a procedure now adopted throughout this Schedule.
3055.Sub-paragraph (2) sets out the additional requirements that must be met by SIPs that provide both for free shares and for performance allowances (a term defined in paragraph 34(4)).
3056.Sub-paragraph (4) recasts the definition of “performance allowances” in paragraph 25(1) of Schedule 8.
3057.This paragraph follows the other introductory paragraphs in the various Parts of this Schedule by providing that a SIP must “meet” plan requirements, as opposed to “complying” with them.