(1) Section 53F of the Principal Act is amended by -

(a) the designation of the section as subsection (1),

(b) the deletion of paragraph (d), and

(c) the insertion of the following subsection after subsection (1):

"(2) Notwithstanding the amendment of this section by the European Union (Occupational Pension Schemes) Regulations 2021 (S.I. No. 128 of 2021), as respects a one-member arrangement established before the coming into operation of those Regulations, the provisions of this section shall only on and from the expiry of 5 years from the date of the coming into operation of those Regulations apply to such one-member arrangement.".