(1)In the case of an occupational pension scheme or a personal pension scheme which is or has been certified as a contracted-out or, as the case may be, an appropriate scheme, the Board may, for the event of, or in connection with, its ceasing to be such a scheme, approve any arrangements made or to be made in relation to the scheme, or for its purposes, for the preservation or transfer—
(a)in the case of an occupational pension scheme other than a money purchase contracted-out scheme—
(i)of earners' accrued rights to guaranteed minimum pensions under the scheme;
(ii)of the liability for the payment of guaranteed minimum pensions under the scheme in respect of persons who have then become entitled to receive them;
(b)in the case of a money purchase contracted-out scheme or a personal pension scheme, of protected rights under the scheme.
(2)If the scheme ceases to be a contracted-out scheme or an appropriate scheme (whether by being wound up or otherwise) and the Board either—
(a)have withdrawn their approval of previously approved arrangements relating to it; or
(b)have declined to approve arrangements relating to it,
the Board may issue a certificate to that effect.
(3)A certificate issued under subsection (2)(a) or (b) shall be cancelled by the Board if they subsequently approve the arrangements.
(4)Regulations may provide that where the Board have approved arrangements under subsection (1) in respect of an occupational pension scheme (other than a money purchase scheme) any provision of this Part (other than sections 14, 15, 22 to 29 and 39 to 41) or Chapter III of Part IV or Chapter II of Part V shall have effect subject to such modifications as may be specified in the regulations.
(5)Any such regulations shall have effect in relation to arrangements whenever approved, unless they provide that they are only to have effect in relation to arrangements approved after they come into operation.
(6)It is hereby declared that an approval of arrangements relating to an occupational pension scheme which is not a money purchase contracted-out scheme may be withdrawn at any time, notwithstanding that the scheme has been wound up.
(7)For the purposes of this Chapter an earner’s accrued rights or, as the case may be, a person’s guaranteed minimum pension rights or protected rights are subject to approved arrangements if—
(a)the Board have approved arrangements under subsection (1) (either before or after the scheme ceased to be certified as contracted-out or, as the case may be, as an appropriate scheme) which operate as respects him and the rights in question, and
(b)they have not since withdrawn their approval of those arrangements.