Section 41 of the Principal Act is amended by substituting the following paragraph for paragraph (a) of subsection (2):

"(a) this Part shall apply to -

(i) a defined contribution scheme which is a regulatory own funds scheme,

(ii) a defined contribution scheme which is paying benefits to or in respect of members where those benefits are not secured under a policy or policies of assurance with one or more undertakings, and

(iii) a small scheme of the type referred to in paragraph (b) of subsection (1) which is a regulatory own funds scheme,".