The Principal Act is amended -

(a) in section 41 (as amended by section 27 of the Act of 2002), by substituting the following for subsection (2):

"(2) Notwithstanding subsection (1)  -

(a) this Part shall apply to a defined contribution scheme which is paying benefits to members where those benefits are not secured under a policy or policies of assurance,

(b) subsections (1) and (2) of section 48 shall apply to any scheme other than a defined contribution scheme, and

(c) subsections (3) and (4) of section 48 shall apply to every scheme.",

(b) in section 43 -

(i) in subsection (1) (as amended by section 29 of the Act of 2002):

(I) by substituting "and, subject to subsection (1A), a subsequent" for "and a subsequent",

(II) in paragraph (b), by inserting "and" after "the scheme,", and

(III) by inserting the following after paragraph (b):