Section 196K | Employer asset-backed contributions: “advances” under acceptable structured finance arrangements

(1)This section applies if—

(a)an employer pays a contribution under a registered pension scheme,

(b)condition A in section 196B, 196D or 196F is met,

(c)the asset-backed arrangement is an acceptable structured finance arrangement for the purposes of section 196B, 196D or 196F (as the case may be) and, accordingly, condition B in that section is not met, and

(d)the advance gives rise to a loan within the meaning of Chapter 3 (see section 162).

(2)Section 180(4) does not prevent the advance from being a scheme administration employer payment (if it would otherwise do so).

(3)In this section “the advance” and “the asset-backed arrangement” have the same meaning as in section 196B, 196D or 196F (as the case may be).