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Pensions Act 2004

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Changes over time for: Section 115

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Version Superseded: 20/10/2021

Status:

Point in time view as at 11/02/2021. This version of this provision has been superseded. Help about Status

Changes to legislation:

Pensions Act 2004, Section 115 is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

115BorrowingU.K.
This section has no associated Explanatory Notes

(1)The Board may—

(a)borrow from a deposit-taker such sums as it may from time to time require for exercising any of its functions;

(b)give security for any money borrowed by it.

(2)The Board may not borrow if the effect would be—

(a)to take the aggregate amount outstanding in respect of the principal of sums borrowed by it over its borrowing limit, or

(b)to increase the amount by which the aggregate amount so outstanding exceeds that limit.

(3)In this section—

  • borrowing limit” means such limit as the Secretary of State may specify by order;

  • deposit-taker” means—

    (a)

    a person who has permission under [F1Part 4A] of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, F2...

    (b)

    F2...

(4)The definition of “deposit-taker” in subsection (3) must be read with—

(a)section 22 of the Financial Services and Markets Act 2000,

(b)any relevant order under that section, and

(c)Schedule 2 to that Act.

Textual Amendments

Modifications etc. (not altering text)

C1Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C2Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

Commencement Information

I1S. 115(1)(2)(4) in force at 8.3.2005 by S.I. 2005/275, art. 2(5), Sch. Pt. 5

I2S. 115(3) in force at 10.2.2005 for specified purposes by S.I. 2005/275, art. 2(1), Sch. Pt. 1

I3S. 115(3) in force at 8.3.2005 in so far as not already in force by S.I. 2005/275, art. 2(5), Sch. Pt. 5

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