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The Pension Protection Fund (Limit on Borrowing) Order 2005
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- 2005 No. 339
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
The Board of the Pension Protection Fund (“the Board”) is established under section 107 of the Pensions Act 2004 (c. 35) (“the Act”). Section 115(1) of the Act enables the Board to borrow such sums as it may require for exercising any of its functions. Section 115(2) of the Act provides that the Board may not borrow if to do so would take the aggregate amount outstanding of the principal sums borrowed by it over its borrowing limit or increase the amount by which the outstanding aggregate amount exceeds that limit.
Section 115(3) of the Act defines “borrowing limit” as such limit which may be specified by order. Article 2 of this Order specifies that limit as £25 million.
A full regulatory impact assessment has not been produced for the instrument as it has no impact on the costs of business.
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