Provision made before the appointed day under subsection (6) of section 120 of the 1983 Act with the approval of the Treasury shall, on and after the appointed day, be treated as provision made by the regulatory authority under subsection (8) of section 120 (as substituted by paragraph 8 of Schedule 3 to the Act).

Provision made before the appointed day under subsection (6) of section 120 of the 1983 Act by Welsh Ministers shall, on and after the appointed day, be treated as provision made by the Welsh Ministers under subsection (8) of section 120 (as substituted by paragraph 8 of Schedule 3 to the Act).

Sub-paragraph (2) does not apply in relation to pensions55.