Section 184 Unauthorised borrowing: other arrangementsI1C1
A registered pension scheme is not authorised to borrow an amount in respect of any F1relevant arrangement unless the scheme borrowing condition is met.
F2In this section “relevant arrangement” means an arrangement that—
is not a money purchase arrangement, or
is a collective money purchase arrangement.
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.
The aggregate amount of the relevant sums and assets is the aggregate of—
the amount of the sums held for the purposes of such of the arrangements under the pension scheme as are F4relevant arrangements, and
the market value of the assets held for the purposes of such of the arrangements under the pension scheme as are F5relevant arrangements.
Annotations
Textual amendments
- F1
Words 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
- F2
S. 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
- F3
Words 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
- F4
Words 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
- F5
Words 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
- C1
Ss. 182-185 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 16
Commencement
- I1
Ss. 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