Section 50 of the Principal Act is hereby amended by -

(a) the substitution for subsection (2) of the following subsection:

"(2) The reduction in benefits under subsection (1) shall -

(a) to the extent specified, override the provisions of subparagraph 1(2) of the Second Schedule and subparagraph 4(b)(i)(1) of the Third Schedule, and

(b) be such that the scheme would in the opinion of the actuary concerned satisfy the funding standard in accordance with section 44 immediately following the reduction.",

and

(b) the substitution for paragraph (a) of subsection (3) of the following paragraph:

"(a)

(i) take such measures as may be necessary to reduce, in respect of members of the scheme then in relevant employment, the benefits which would be payable to or in respect of them from the scheme such that the scheme would, in the opinion of the actuary concerned, satisfy the funding standard in accordance with section 44 immediately following the reduction, and

(ii) notify the members of the scheme of the reduction in benefits within a period of 2 months, or such longer period as the Board considers appropriate,".