PENSIONS CONTRACTS GENERALLY CLOSED TO NEW BUSINESS (INCLUDING EX-M & G CONTRACTS)
EX-SCOTTISH AMICABLE CONTRACTS
Corporate Pension Loanback
This option under Ex-Scottish Amicable occupational money purchase schemes was withdrawn with effect from 28 February 2002. The details below are of the scheme as it operated prior to that date.
Loan facilities may be available to companies with suitable corporate pension plans with us. The rules within which loans can be made available are set by the Inland Revenue Pension Schemes Office (PSO). These rules changed considerably for loans made on or after 1 December 1999. The terms and conditions of loans made before then will be different from what follows.
It is important to note that there is no guarantee that such loans will always be available. We will arrange for a credit check to be conducted before allowing a loan (which meets the requirements set out below) to proceed. A loan must not be made to a company in financial difficulties. All loans will be scrutinised by the Inland Revenue.
Details of the current loan back facilities are:
Default on/Foreclosure of a Loan