# Pensions Act 2004, Section 246: Borrowing by trustees


After section 36 of the Pensions Act 1995 insert—
“Restriction on borrowing by trustees
36A Regulations may prohibit the trustees of a trust scheme, or the fund manager to whom any discretion has been delegated under section 34, from borrowing money or acting as a guarantor, except in prescribed cases.”

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Source: https://www.legislation.gov.uk/ukpga/2004/35/section/246 (the official version)
Page: https://openlegislation.uk/pensions-act-2004/section-246
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.