Modifications etc. (not altering text)
C1Sch. 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)
C2Sch. 36 applied (1.6.2018) by The Local Government Pension Scheme (Scotland) Regulations 2018 (S.S.I. 2018/141), regs. 1(1), 48(2)
38(1)This paragraph applies to a loan if—U.K.
(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.