14.6.1 The basic rules

The legislation permits a number of courses of action for dealing with leavers. In each case the relieving provisions must be explicitly included in the scheme rules:

the scheme may provide for options to be exercised after someone has left employment with the company;

the personal representatives of a deceased participant may be permitted to exercise the option in the 12 months following his or her death;

the scheme may also provide that certain fixed categories of statutory good leavers can exercise their options up to six months after their leaving date.

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