{
  "url": "https://openlegislation.uk/occupational-pension-schemes-pensions-compensation-board-limit-on-borrowing-regulations-1996/note",
  "json_url": "https://openlegislation.uk/occupational-pension-schemes-pensions-compensation-board-limit-on-borrowing-regulations-1996/note.json",
  "legislation": "uksi/1996/1976",
  "legislation_title": "The Occupational Pension Schemes (Pensions Compensation Board Limit on Borrowing) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/occupational-pension-schemes-pensions-compensation-board-limit-on-borrowing-regulations-1996",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThe Pensions Compensation Board is established under section 78 of the Pensions Act 1995. Section 78(5) enables the Board to borrow such sums as they may require for exercising any of their functions. Section 78(6) provides that the aggregate amount outstanding in respect of the principal of any money borrowed must not exceed the prescribed amount. These Regulations provide that the prescribed amount shall be £15 million.\nAs these Regulations are made before the expiry of the period of 6 months beginning with the coming into force of the provisions of Part I of the Act by virtue of which they are made, the requirement for the Secretary of State to consult such persons as he considers appropriate does not apply.\nThese Regulations do not impose any costs on business.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1976/note",
    "retrieved_at": "2026-10-29T12:37:51.769988+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}