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The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991

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Provisions as to borrowing

4.—(1) The description of provision specified in this regulation is a provision to the effect that at the time of any borrowing the trustees of the scheme in their capacity as such shall not have borrowed an aggregate amount, including the amount of that borrowing but excluding any amount which has been repaid before that time, in excess of the total of—

(a)three times the ordinary annual contribution paid by employers;

(b)three times the annual amount of contributions paid by scheme members as a condition of membership in the year of assessment ending immediately before that time;

(c)45 per cent. of the market value of the investments held for the purposes of the scheme.

(2) In this regulation “ordinary annual contribution” means the amount which is the smaller of—

(a)the amount found by dividing the amount of the contributions paid by employers in the period of three years which ended at the end of the previous accounting period of the scheme by the number of those years or, if the scheme has been established for less than three years at the time of any borrowing, by the number of the years since the scheme was established (a period of less than one year since that time being counted as one year), and

(b)the amount of the annual contributions which, within the period of three years immediately before the date of any borrowing, an actuary has advised in writing would have to be paid in order to secure the benefits provided under the scheme.

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