Section 83 of the Principal Act is amended by the insertion of the following subsection after subsection (2G):

"(2H) Where a relevant person referred to in paragraph (l) of section 82 has reason to believe that -

(a) there is a substantial risk that the scheme or trust RAC will not comply with a materially significant requirement under this Act or any other enactment which could have a significant impact on the interests of the members and beneficiaries, or

(b) a significant material breach of requirements under this Act or any other enactment applicable to the scheme or trust RAC and its activities has occurred in the context of the key function of that relevant person,

and -

(i) the relevant person has reported his or her belief in respect of paragraphs (a) or (b), or both, to the trustees of the scheme or trust RAC, and

(ii) the trustees of the scheme or trust RAC have failed to take appropriate action to remedy the risk or breach within 21 days of the report made to them in accordance with paragraph (i),

the relevant person shall inform the Pensions Authority of that substantial risk or significant material breach as soon as reasonably practicable from the expiry of the period referred to in paragraph (ii).".