Schedule 3 SAYE option schemes: Linkage to Savings (Arrangement): Exercise of options using savings repayments
There is no requirement that all, or any, of the repayments of savings contracts must be used to exercise the related share options. Partial exercise is therefore possible or the option-holder may choose not to exercise at all. It is acceptable for scheme rules to provide for the lapsing of outstanding options after a partial exercise.
If the option is exercised, repayment of the savings contract must precede the exercise (paragraph 24(1)).
Monies which are not repayments of savings contracts cannot be used to exercise options.