25.—(1) Where shares in an undertaking are held on trust there must be disregarded—
(a)if the trust is for the purposes of a pension scheme, any such rights as are mentioned in sub-paragraph (2),
(b)if the trust is for the purposes of an employees’ share scheme, any such rights as are mentioned in paragraph (a) of that sub-paragraph,
being rights of the undertaking or any of its subsidiary undertakings.
(2) The rights referred to are—
(a)any charge or lien on, or set-off against, any benefit or other right or interest under the scheme for the purpose of enabling the employer or former employer of a member of the scheme to obtain the discharge of a monetary obligation due to him from the member, and
(b)any right to receive from the trustee of the scheme, or as trustee of the scheme to retain, an amount that can be recovered or retained under section 61 of the Pension Schemes Act 1993(1) or section 57 of the Pension Schemes (Northern Ireland) Act 1993(2) (deduction of contributions equivalent premium from refund of scheme contributions) or otherwise as reimbursement or partial reimbursement for any contributions equivalent premium paid in connection with the scheme under Chapter 3 of Part 3 of that Act.