Part 4U.K.Pension schemes etc
Modifications etc. (not altering text)
C1Pt. 4 modified (N.I.) (1.4.2006) by The Firemens Pension Scheme Order (Northern Ireland) 2006 (S.R. 2006/210), arts. 1(2), 103
C2Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 9, 10
C3Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 12
C4Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 13(5)
C5Pt. 4 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 26
C6Pt. 4 modified (31.12.2007) by Police and Justice Act 2006 (c. 48), s. 53(1), Sch. 3 para. 7; S.I. 2007/3203, art. 3(b)
C7Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)
C8Pt. 4 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), reg. 5A (as inserted (6.4.2006) by S.I. 2008/2990, arts. 1(1), 3)
C9Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18
C10Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)
C11Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)
C12Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)
C13Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)
C14Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1
C15Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)
Chapter 3U.K.Payments by registered pension schemes
BorrowingU.K.
184Unauthorised borrowing: other arrangementsU.K.
(1)A registered pension scheme is not authorised to borrow an amount in respect of any [F1relevant arrangement] unless the scheme borrowing condition is met.
[F2(1A)In this section “relevant arrangement” means an arrangement that—
(a)is not a money purchase arrangement, or
(b)is a collective money purchase arrangement.]
(2)The scheme borrowing condition is met if—
where—
APB is the aggregate of the amounts previously borrowed by the pension scheme in respect of [F3relevant arrangements] (excluding any amounts which have been repaid),
PB is the amount proposed to be borrowed by the pension scheme, and
AARA is the aggregate amount of the relevant sums and assets.
(3)The aggregate amount of the relevant sums and assets is the aggregate of—
(a)the amount of the sums held for the purposes of such of the arrangements under the pension scheme as are [F4relevant arrangements], and
(b)the market value of the assets held for the purposes of such of the arrangements under the pension scheme as are [F5relevant arrangements].
Textual Amendments
F1Words in s. 184(1) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(2), 25(1); S.I. 2022/874, reg. 2
F2S. 184(1A) inserted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(3), 25(1); S.I. 2022/874, reg. 2
F3Words in s. 184(2) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(4), 25(1); S.I. 2022/874, reg. 2
F4Words in s. 184(3)(a) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(5), 25(1); S.I. 2022/874, reg. 2
F5Words in s. 184(3)(b) substituted (1.8.2022) by Finance Act 2021 (c. 26), Sch. 5 paras. 8(5), 25(1); S.I. 2022/874, reg. 2
Modifications etc. (not altering text)
C16Ss. 182-185 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 16
Commencement Information
I1Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284