SolvedETASSUM33170 | Schedule 3 SAYE option schemes: Shares to which schemes can apply: Fully paid-up and not redeemable
From HM Revenue & Customs · Employee Tax Advantaged Share Scheme User Manual
The purpose of paragraph 20 is to ensure that the shares that employees receive through Schedule 3 SAYE option schemes are:
fully paid-up (paragraph 20(a)), and - see ETASSUM33180,
not redeemable (paragraph 20(b)), see ETASSUM33190.