185(1) Subsection (2) applies if a registered pension scheme borrows, in respect of an arrangement which is not a money purchase arrangement, an amount which it is not authorised to borrow under section 184.
185(2) The pension scheme is to be treated as having made a scheme chargeable payment–
(a)if subsection (3) applies, of an amount calculated in accordance with subsection (4), and
(b)otherwise, of the amount borrowed.
185(3) This subsection applies if, immediately before the amount is borrowed–
185(4) If subsection (3) applies, the amount of the scheme chargeable payment is–