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51. Article 118 (directions) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if –
(a)in paragraph (2) –
(i)for “the scheme’s protected liabilities do not exceed its assets” there were substituted “the protected liabilities of the segregated part do not exceed its assets”;
(ii)for “in relation to the scheme” there were substituted “in relation to the non-segregated scheme in question”, and
(iii)in sub-paragraph (a) for “the investment of the scheme’s assets” there were substituted “the investment of the assets of the segregated part”; and
(b)in paragraph (3)(a) in the definition of “relevant person” for paragraph (i) there were substituted the following paragraph –
“(i)any trustees or managers of the scheme in relation to which the segregated part relates,”.
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