(1) In this section "pension scheme" means an occupational pension scheme (within the meaning of the Pension Schemes Act 1993 [1993 c. 48.]) established under a trust and subject to the law of England and Wales.

(2) Part I does not apply in so far as it imposes a duty of care in relation to -

(a) the functions described in paragraphs 1 and 2 of Schedule 1, or

(b) the functions described in paragraph 3 of that Schedule to the extent that they relate to trustees -

(i) authorising a person to exercise their functions with respect to investment, or

(ii) appointing a person to act as their nominee or custodian.

(3) Nothing in Part II or III applies to the trustees of any pension scheme.

(4) Part IV applies to the trustees of a pension scheme subject to the restrictions in subsections (5) to (8).