(1) Section 56 of the Pensions Act is hereby amended by the substitution for subsection (3) of the following subsection:

"(3) For the purposes of this Act a person shall not be qualified for appointment as auditor of a scheme -

(a) unless he is qualified to be appointed as an auditor of a company in accordance with the Companies Acts, 1963 to 1990, or

(b) if he is a member of a class of persons standing prescribed for the time being for the purposes of this section.".

(2) Subsection (4A) (inserted by section 59 of the Act of 1992) of section 56 of the Pensions Act is hereby repealed.