Pensions Act 2008

Part 3 U.K. Money

Finance U.K.

18 (1) The Secretary of State may, with the consent of the Treasury, give financial assistance to the trustee corporation. U.K.

(2) The assistance—

(a) may take the form of grants, loans, guarantees or indemnities;

(b) may be given on conditions;

(c) in the case of a loan, must be given on a condition requiring the loan to be repaid with interest at a rate approved by the Treasury.

(3) Section 5 of the National Loans Act 1968 (c. 13) (rates of interest on certain loans out of the National Loans Fund) has effect as respects the rate of interest on a loan under this paragraph as it has effect as respects a rate of interest within subsection (1) of that section.

19 U.K. The trustee corporation may make charges in connection with the exercise of its functions.

Accounts U.K.

20 (1) The trustee corporation must— U.K.

(a) keep proper accounting records, and

(b) prepare a statement of accounts in respect of each financial year.

(2) A statement under sub-paragraph (1)(b) must be prepared by the trustee corporation in such form as the Secretary of State may direct.

(3) The trustee corporation must send a copy of a statement under sub-paragraph (1)(b)—

(a) to the Secretary of State, and

(b) to the Comptroller and Auditor General.

(4) A copy of a statement must be sent under sub-paragraph (3) within such period, beginning with the end of the financial year to which the statement relates, as the Secretary of State may direct.

(5) The Comptroller and Auditor General must—

(a) examine, certify and report on a statement received under this paragraph, and

(b) send a copy of the certified statement and of the report on it to the Secretary of State as soon as possible.

(6) The Secretary of State must lay before Parliament a copy of the statement and report sent under sub-paragraph (5)(b).