(1) An External Report shall be prepared by a person (in this Part referred to as the 'External Report reviewer') who is nominated by -
(a) the trustees of the scheme or trust RAC concerned, within the period specified in the notice given under section 26N(1) and approved under subsection (4), or
(b) the Pensions Authority, where -
(i) no person is nominated by the trustees under paragraph (a) within the period specified in the notice given under section 26N(1), or
(ii) the Pensions Authority is not satisfied with the person nominated under paragraph (a).
(2) The External Report reviewer shall be a person appearing to the Pensions Authority to have the skills that are necessary to prepare an objective report on the matters concerned and, without prejudice to the generality of the foregoing, may be an auditor, actuary, accountant, investment manager, lawyer or any other person with relevant business, technical or technological skills required for the purpose of preparing the External Re
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