163Meaning of “borrowing” etcU.K.
(1)This section applies for the interpretation of this Chapter.
(2)Borrowing is borrowing by a registered pension scheme if the amount borrowed is to be repaid from sums or assets held for the purposes of the pension scheme.
(3)A liability is a liability of a registered pension scheme if the liability is to be met from sums or assets held for the purposes of the pension scheme.
(4)Borrowing by a registered pension scheme is in respect of an arrangement if it is properly attributable to the arrangement in accordance with the provisions of the pension scheme and any just and reasonable apportionment.
Modifications etc. (not altering text)
C1S. 163(2) applied (retrospective to 6.4.2011) by Finance Act 2011 (c. 11), s. 68(5)(6)
Commencement Information
I1Ss. 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