‘(1) Regulations may make provision about—
(a) the investment powers of the trustees or managers of a pension scheme in connection with collective benefit investments;
(b) their powers to delegate decisions in connection with collective benefit investments (including provision as to liability for delegated decisions);
(c) the investment powers of any person to whom they have delegated decisions in connection with collective benefit investments.
(2) The regulations may, in particular—
(a) make provision corresponding or similar to any provision made by section 34 or 36 of the Pensions Act 1995 (powers of investment and delegation and choice of investments for occupational trust-based schemes);
(b) disapply those sections in relation to collective benefit investments.”.—(Steve Webb.)