(1) The Pensions Authority shall, subject to subsections (2) and (3), review the strategies, processes and reporting procedures established by the trustees of a scheme or trust RAC to comply with this Part, Part VIB and sections 50(2C), 59(1E), 59A(1A), 59A(1B), 59AB, 149(1), 151A, 151B and 152(1) ('supervisory review').
(2) When carrying out a supervisory review the Pensions Authority shall take into account -
(a) the size, nature, scale and complexity of the activities of the scheme or trust RAC, and
(b) the circumstances in which the scheme or trust RAC is operating and, where relevant, the person (if any) carrying out the outsourced key functions or any other activity for the trustees of the scheme or trust RAC.
(3) A supervisory review shall comprise the following:
(a) an assessment of the qualitative requirements relating to the system of governance;
(b) an assessment of the risks that the scheme or trust RAC faces;
(c) an assessment of the ability of the scheme or trust RAC to a
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