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Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021

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2Loans to the Board of the Pension Protection Fund

(1)The Pensions Act 2004 is amended as follows.

(2)After section 115 insert—

“115ALoans made by the Secretary of State

(1)The Secretary of State may lend money to the Board for the purposes of the exercise of the Board’s functions under Chapter 4 of this Part and any corresponding provision in force in Northern Ireland.

(2)A loan under this section may be made on such terms (including as to repayment and interest) as the Secretary of State may determine.”

(3)In section 115 (borrowing from deposit-takers), in subsection (2) (limits on borrowing)—

(a)after “borrow” insert “under this section”;

(b)in paragraph (a), after “it” insert “under this section”.

(4)In section 188 (Fraud Compensation Fund)—

(a)in subsection (1) (contents of the Fund), after paragraph (c) insert—

“(ca)money borrowed by the Board under section 115A for the purposes of this Chapter,”;

(b)in subsection (3) (permitted payments from the Fund), in paragraph (e) (repayment of money borrowed under section 115), after “(1)(c)” insert “or (ca)”.

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