This is the original version (as it was originally enacted).
(1)A registered pension scheme is not authorised to borrow an amount in respect of any arrangement which is not a money purchase arrangement unless the scheme borrowing condition is met.
(2)The scheme borrowing condition is met if—
where—
APB is the aggregate of the amounts previously borrowed by the pension scheme in respect of arrangements which are not money purchase arrangements (excluding any amounts which have been repaid),
PB is the amount proposed to be borrowed by the pension scheme, and
AARA is the aggregate amount of the relevant sums and assets.
(3)The aggregate amount of the relevant sums and assets is the aggregate of—
(a)the amount of the sums held for the purposes of such of the arrangements under the pension scheme as are not money purchase arrangements, and
(b)the market value of the assets held for the purposes of such of the arrangements under the pension scheme as are not money purchase arrangements.
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