(1)A “scheme administration member payment” is a payment by a registered pension scheme to or in respect of a member of the pension scheme which is made for the purposes of the administration or management of the pension scheme.
(2)But if a payment falling within subsection (1) exceeds the amount which might be expected to be paid to a person who was at arm’s length, the excess is not a scheme administration member payment.
(3)Scheme administration member payments include in particular—
(a)the payment of wages, salaries or fees to persons engaged in administering the pension scheme, and
(b)payments made for the purchase of assets to be held for the purposes of the pension scheme.
(4)A loan to or in respect of a member of the pension scheme is not a scheme administration member payment.
(5)Regulations made by the Board of Inland Revenue may provide that payments of a description specified in the regulations are, or are not, scheme administration member payments.