(1) For the purposes of section 47(5)(b) of the 1995 Act the qualifications and experience or approval required for appointment as -

(a) the auditor, subject to paragraph (2), are -

(i) those specified in section 25 of the Companies Act 1989 [1989 c. 40.]; or

(ii) approval by the Secretary of State;

(b) the actuary are -

(i) Fellowship of the Institute of Actuaries;

(ii) Fellowship of the Faculty of Actuaries; or

(iii) approval by the Secretary of State.

(2) A person shall not be appointed as the auditor where -

(a) he is a member of the scheme [See section 27 of the Pensions Act 1995 which provides that a trustee of a trust scheme, and any person connected with, or associate of such a trustee, is ineligible to act as auditor. See also regulation 7 of these Regulations.];

(b) he is employed under a contract of service by the trustees or managers of the scheme;

(c) he is an employer in relation to the scheme; or

(d) he is, by virtue of section 27 of the Companies Act 1989, ineligible to audit the accounts of a company which is an employer in relation to the scheme.