(1) The Minister may by regulations provide -

(a) that, in circumstances specified in the regulations, a participant may, under section 70(2), select different risk levels in relation to different parts of the participant's contributions, and

(b) for this Part to apply, for the purposes of provision under paragraph (a), in relation to a part of a participant's contributions as it would apply, but for the regulations, in relation to the participant's contributions as a whole.

(2) Before making regulations under subsection (1) the Minister shall request the Authority to carry out an assessment of the existing operation of this Part.

(3) The Minister may make regulations under subsection (1) only if -

(a) the making of the regulations is recommended -

(i) by the Authority after carrying out an assessment in accordance with a request under subsection (2), and

(ii) by one or more persons appointed by the Minister to consider the matter, and