Regulation 33 Lending, guarantees and indemnities

Subject to the provisions of paragraph (2), none of the property of a scheme may be lent or used to discharge any obligation arising under a guarantee or indemnity given by the trustee or manager with respect to the obligations of any third party.

For the purposes of paragraph (1), neither the consideration payable for any instrument creating or evidencing indebtedness which, by virtue of any provision of these regulations, may properly be included within the property of a scheme, nor the placing of money on deposit or in a current account, nor the transfer of title to any property of the scheme on terms that involve title being transferred back at some future date shall be regarded as lending.