469. Unauthorised borrowing.

A registered pension scheme1 is not authorised to borrow an amount in respect of a money purchase arrangement unless the arrangement borrowing condition is met2 and is not authorised to borrow in respect of any other arrangement unless the scheme borrowing condition is met3.

If a registered pension scheme borrows an amount which it is not authorised to borrow under the provision set out above, it is treated as having made a scheme chargeable payment

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