SCHEDULES

SCHEDULE 30 U.K. Registered pension schemes: employer loans

Amount of unauthorised payment U.K.

Increase in extent to which loan does not comply with repayment terms U.K.

9 (1) If at any time after a loan is made— U.K.

(a) there is an alteration in the repayment terms, and

(b) as a result the deterioration condition is met in relation to one or more paragraphs of section 179(2) (authorised repayment terms) which were not complied with before the alteration,

there is an unauthorised payment of an amount calculated in accordance with sub-paragraphs (3) and (4).

(2) The deterioration condition is met in relation to a paragraph if—

(3) For each paragraph in relation to which the deterioration condition is met, calculate—

(4) There is an unauthorised payment of an amount equal to the largest of the amounts calculated under sub-paragraph (3).

(5) In this paragraph—

• AAA, in relation to a paragraph of section 179(2) which was not complied with before the alteration in the repayment terms, is the amount arising when that paragraph is not complied with, calculated after the alteration in the repayment terms, and

• ABA, in relation to such a paragraph, is the amount arising when that paragraph is not complied with, calculated before the alteration in the repayment terms.

Commencement Information

I1 Ss. 160-274, 281, Schs. 30-35 in force at 6.4.2006 but any power to make an order or regulations under those provisions may be exercised at any time after Royal Assent, see s. 284