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Pensions Act 2004
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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—
(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
F1Words in s. 115(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 104(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 115(3) omitted (31.12.2020) by virtue of The Occupational and Personal Pension Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/192), regs. 1, 5(4); 2020 c. 1, Sch. 5 para. 1(1)
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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