(1) The Minister may, after consultation with the Minister for Social and Family Affairs, make a scheme (to be known, and in this section referred to, as the "Pensions Insolvency Payment Scheme") providing for the payment, in accordance with that scheme, of monies to or in respect of relevant pensioners.

(2) The Pensions Insolvency Payment Scheme shall contain such provisions as the Minister shall determine and, without prejudice to the generality of the foregoing, may make provision in relation to -

(a) the conditions for the application of the Pensions Insolvency Payment Scheme to eligible pension schemes,

(b) the exclusion from the application of the Pensions Insolvency Payment Scheme of such -

(i) schemes or classes of scheme,

(ii) employers or classes of employer, or

(iii) businesses or classes of business,

as may be specified in the Pensions Insolvency Payment Scheme,

(c) the payment of monies to relevant pensioners under the Pensions Insolvency Payment Scheme including the conditions upon which those monies are paid,