The Occupational Pension Schemes (Pensions Compensation Board Limit on Borrowing) Regulations 1996
Occupational pensions
King's Printer of Acts of Parliament
2011-07-04
PENSIONS
The Pensions Compensation Board is established under section 78 of the Pensions Act 1995. Section 78(5) enables the Board to borrow such sums as they may require for exercising any of their functions. Section 78(6) provides that the aggregate amount outstanding in respect of the principal of any money borrowed must not exceed the prescribed amount. These Regulations provide that the prescribed amount shall be £15 million.
Signed by authority of the Secretary of State for Social Security.
Oliver HealdParliamentary Under-Secretary of State,Department of Social Security