182 Unauthorised borrowing: money purchase arrangements [other than collective money purchase arrangements]
Finance Act 2004 (2004 c 12) | Legislation

Borrowing

182  Unauthorised borrowing: money purchase arrangements [other than collective money purchase arrangements]

(1)     A registered pension scheme is not authorised to borrow an amount in respect of a money purchase arrangement [that is not a collective money purchase arrangement] unless the arrangement borrowing condition is met.

(2)     The arrangement borrowing condition is met if—

(APB + PB) < (va="">

·É³ó±ð°ù±ð—

APB is the aggregate of the amounts previously borrowed in respect of the arrangement (excluding any amounts which have been repaid),

PB is the amount proposed to be borrowed in respect of the arrangement, and

VA is the value of the arrangement.

(3)     The value of the arrangement is the aggregate of—

(a)     the amount of such of the sums and the market value of such of the assets as represent the [member's drawdown

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