Where the Minister is satisfied that exceptional circumstances exist (because of some particular aspect or condition relating to the public service pension or the public service pension scheme concerned, including the funding of that pension or scheme) in respect of a particular class or group of pensioners and those circumstances materially distinguish that class or group from other classes or groups of pensioners to which section 2 or 2A applies, then, the Minister, if he or she considers it to be just and equitable in all the circumstances to do so, may by direction -

(a) exempt that class or group from the operation of section 2 or 2A, either entirely or to such extent as the Minister considers appropriate, or

(b) modify the operation of section 2 or 2A to reduce their public service pensions in such manner as the Minister thinks fit, having regard to the nature and degree of the financial burden that would otherwise be borne by that class or group,

and this Act, and any regulations made under this Act, shall be read subject to any such direction.