SCHEDULES

SCHEDULE 30Registered pension schemes: employer loans

Amount of unauthorised payment

Amount 1

12(1)Amount 1 arises if paragraph (a) of section 179 (1) (amount of loan must not exceed 50% of pension scheme assets) is not complied with.

(2)Amount 1 is—

Formula - (((AL divided by VA) multiplied by 100) minus 100) divided by 100) multiplied by VA

  • where—

    • AL is the amount of the loan, and

    • VA is an amount equal to 50% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme before the loan is made.