Section 55 of the Principal Act is amended -

(a) in subsection (1A), by the deletion of "(other than a one-member arrangement or a small trust RAC which is not a regulatory own funds trust RAC)",

(b) in subsection (2), by the deletion of paragraph (d), and

(c) by the insertion, after subsection (7), of the following subsection:

"(8) Notwithstanding the amendment of this section by the European Union (Occupational Pension Schemes) Regulations 2021 -

(a) a small trust RAC to which the exemption in subsection (1A) applied before the day on which those Regulations come into operation, shall make the appointment referred to in subsection (1A) not later than 31 December 2021,

(b) a one-member arrangement to which the exemption in subsection (1A) applied before the day on which those Regulations come into operation, this section shall only on and from the expiry of 5 years from the date of such coming into operation, apply to such onemember arrangement, and

(c) for the purposes of the preparation of the first annual report following the coming into operation of those Regulations -