The Pensions Act, 1990, is hereby amended by the substitution for section 62 of the following section:

"62. Selection by members of funded schemes of persons for appointment as trustees.

(1) The Minister shall provide by regulations, in respect of schemes having not less than a specified number of members, that the members of any such scheme may select, or approve of the selection by the employer concerned, of a person or a specified number of persons who shall be appointed to be a trustee or trustees of the scheme (or who shall be retained as such trustee or trustees, as the case may be).

(2) Regulations under this section -

(a) shall determine the circumstances in which a person, or category of persons, who, having been admitted to membership of the scheme and remaining entitled to any benefit under the scheme, is or are to be regarded for the purpose of this section as being a member or members of the scheme,

(b) may specify the manner in which the selection, or the approval of the selection by the employer concerned, of a person or persons for appointment or retention as a trustee or trustees by members of schemes, for the purpose of subsection (1), shall be made, and

(c) may make such other provision as the Minister considers necessary or expedient for the purpose of this section and for enabling it to have full effect.".