Section 2 of the Pensions Act is hereby amended -

(a) by the substitution for the definition of "auditor" of the following definition:

"'auditor', in relation to a scheme, means a person appointed in pursuance of this Act to act as auditor, for the purposes of this Act, of the scheme;",

(b) by the insertion of the following definitions after the definition of "defined contribution scheme":

"'early retirement rule' means a provision of a scheme under which a member may retire with entitlement to an immediate benefit where either -

(i) the member's right is subject to the consent of some person or the satisfaction of some condition not relating only to age or period of service in relevant employment or both, or

(ii) the calculation of the member's immediate retirement benefit involves or may involve the use of an actuarial reduction factor related to his age at the date of his retirement;

'external member' in relation to a scheme, means any person who, having been admitted to membership under the rules of the scheme, remains entitled to any benefit under the scheme in respect of a period of service whilst employed outside the State;

'external scheme' means a scheme established under the law of a country other than the State;",

(c) by the insertion of the following definition after the definition of "funded scheme":