ETASSUM32110 - Schedule 3 SAYE Option Scheme: Eligibility of individuals to participate: The employment requirement: Overview

Paragraph 6 establishes the eligibility requirement for individuals to participate in a Schedule 3 SAYE option scheme. Scheme rules must make clear that all full-time directors (see ETASSUM32180) and qualifying employees (with no working hours requirement set), of the company establishing the scheme (the scheme organiser) or in the case of a group scheme a constituent company (formerly participating company) must be invited to participate.

For Schedule 3 SAYE option schemes it is possible to extend the eligibility requirement to include part-time directors; however it is not acceptable to provide for more stringent eligibility requirements such as only full-time employees. There is also an employment requirement at the time of exercise other than in specified circumstances (see ETASSUM35360).