SCHEDULES

SCHEDULE 30Registered pension schemes: employer loans

Amount of unauthorised payment

Amount 1

I112

1

Amount 1 arises if paragraph (a) of section 179 (1) (amount of loan must not exceed 50% of pension scheme assets) is not complied with.

2

Amount 1 is—

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where—

  • AL is the amount of the loan, and

  • VA is an amount equal to 50% of the aggregate of the amount of the sums, and the market value of the assets, held for the purposes of the pension scheme before the loan is made.