Section 50 of the Principal Act is amended -

(a) by the substitution of the following subsections for subsection (1):

"(1) The Board may, by notice in writing, direct the trustees of a relevant scheme to take such measures in respect of members of the scheme then in relevant employment, who have not reached normal pensionable age, or members whose service in relevant employment has ceased, who have not reached normal pensionable age and who have an entitlement to a preserved benefit or any other benefit under the scheme, the payment of which has not commenced, as may be necessary to reduce the benefits that would be payable to or in respect of those members from the scheme where

(a) the trustees of the scheme fail to submit an actuarial funding certificate within the period specified in section 43,

(b) the actuarial funding certificate certifies that the scheme does not satisfy the funding standard and the trustees of the scheme have not submitted a funding proposal in accordance with section 49,

(c) the actuarial funding certificate certifies that the scheme does not satisfy the funding standard and the trustees of the scheme have submitted a funding proposal in accordance with section 49, or

(d) the Board consents to the amendment of a scheme in accordance with section 50A (inserted by section 18 of the Social Welfare and Pensions Act 2009).