(1) In this article -
"relevant scheme" means any defined benefit scheme or any defined contribution scheme (other than a One Member Arrangement) which, at the commencement of the scheme year is a small scheme;
"relevant benefits" means immediate retirement benefits other than annuities which have been purchased and which match fully the pension obligations of the scheme in respect of specific individual members or other persons in respect of such members or both.
(2) In the case of a relevant scheme, the provisions of sections 55 and 56 of the Act shall be so modified that the trustees of a relevant scheme may, instead of complying with the provisions of articles 5 and 7, cause an annual report of the scheme to be prepared in respect of each scheme year commencing on or after 23 September 2005 in any of the following ways -
(a) by a person who could be appointed as an auditor of a relevant scheme,
(b) in the case of a relevant scheme where some or all of the relevant benefits are