40(1)Schedule 4 to the Pensions Act 2004 (c. 35) is amended as follows.
(2)In paragraph 1(2) (panel of chairmen of Pensions Regulator Tribunal)—
(a)for paragraph (a) substitute—
“(a)he satisfies the judicial-appointment eligibility condition on a 5-year basis,” and
(b)in paragraphs (b), (c) and (d), for “7” substitute “ 5 ”.
(3)In paragraph 2(5) (President or Deputy President)—
(a)for paragraph (a) substitute—
“(a)satisfies the judicial-appointment eligibility condition on a 7-year basis,” and
(b)in paragraphs (b), (c) and (d), for “10” substitute “ 7 ”.