{
  "url": "https://openlegislation.uk/finance-act-2004/section-184",
  "json_url": "https://openlegislation.uk/finance-act-2004/section-184.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "section/184",
  "kind": "section",
  "number": "184",
  "heading": "Unauthorised borrowing: other arrangements",
  "text": "(1) A registered pension scheme is not authorised to borrow an amount in respect of any relevant arrangement unless the scheme borrowing condition is met.\n(1A) In this section “relevant arrangement” means an arrangement that—\n(a) is not a money purchase arrangement, or\n(b) is a collective money purchase arrangement.\n(2) The scheme borrowing condition is met if—\n(APB+PB)<AARA2where—\nAPB is the aggregate of the amounts previously borrowed by the pension scheme in respect of relevant arrangements (excluding any amounts which have been repaid),\nPB is the amount proposed to be borrowed by the pension scheme, and\nAARA is the aggregate amount of the relevant sums and assets.\n(3) The aggregate amount of the relevant sums and assets is the aggregate of—\n(a) the amount of the sums held for the purposes of such of the arrangements under the pension scheme as are relevant arrangements, and\n(b) the market value of the assets held for the purposes of such of the arrangements under the pension scheme as are relevant arrangements.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "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"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 182-185 excluded (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 16"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/section/184",
    "retrieved_at": "2026-10-28T17:08:09.921968+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}