Section 9Part 2 — Rule against perpetuities
Pension funds
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The rule against perpetuities does not apply, and the rules previously in effect shall be deemed never to have applied, to a disposition upon trust if the main purpose of the trust is as specified in subsection (2).
The main purpose referred to in subsection (1) is to confer benefits (by way of pension benefits, sickness benefits, accident benefits, death benefits, profit-sharing, incentives or otherwise howsoever) upon persons by reason of their being, or having been —
directors, officers, servants or employees of one or more particular employers;
engaged in a particular profession, trade, occupation or calling;
members of a trades union or an amalgamation of unions; or
spouses, children, grandchildren, parents, dependants or legal personal representatives of persons within paragraphs (a), (b), or (c).