Section 59A of the Principal Act is amended by -

(a) the substitution of the following subsection for subsection (1):

"(1) A person shall not act as a trustee of a scheme or trust RAC unless the person -

(a) is, having regard to section 64AE, of good repute and integrity,

(b) has the qualifications and knowledge which, together with the qualifications and knowledge of the other trustees, are collectively adequate to enable all the trustees of the scheme or trust RAC to ensure the sound and prudent management of that scheme or trust RAC, and

(c) has experience which, together with the experience of the other trustees, is collectively adequate having regard to the requirement in subsection (1A), to enable all the trustees to ensure the sound and prudent management of that scheme or trust RAC.", and

(b) the insertion of the following subsections after subsection (1):

"(1A) At least one of the trustees of the scheme or trust RAC shall have not less than 2 years' experience as a trustee of a scheme or trust RAC within the immediately preceding 3 years which is of a type that is adequate for him or her to ensure the sound and prudent management of that scheme or trust RAC.