SCHEDULES
C1C2SCHEDULE 36Pension schemes etc: transitional provisions and savings
Sch. 36 applied (1.6.2018) by The Local Government Pension Scheme (Scotland) Regulations 2018 (S.S.I. 2018/141), regs. 1(1), 48(2)
Part 4Other provisions
Pre-commencement loans to sponsoring employers
38
1
This paragraph applies to a loan if—
a
the loan was made before 6th April 2006 by an occupational pension scheme which becomes a registered pension scheme on that date,
b
had this Part had been in force and had the pension scheme been a registered pension scheme at the time when the loan was made, it would have been a loan to a sponsoring employer, and
c
the date by which the total amount owing (including interest) must be paid is on or after 6th April 2006.
2
If on or after 6th April 2006 there is no alteration in the repayment terms, section 179 (authorised employer loan) does not apply in relation to the loan.
3
If on or after 6th April 2006 there is an alteration in the repayment terms, section 179 applies as if, on the date of the alteration, the pension scheme made a loan to the sponsoring employer of an amount equal to the amount owing (including interest) on that date.
4
The postponement of the date by which the total amount owing (including interest) must be paid is not an alteration in the repayment terms if—
a
an amount is outstanding on the date by which the total amount owing should have been paid,
b
the postponement is for a period not exceeding five years, and
c
there has been no previous postponement on or after 6th April 2006.
Sch. 36 modified by The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572), art. 23D (as inserted (1.6.2009) by S.I. 2009/1172, arts. 1, 3)