(1)Where there is for the time being in force any scheme for the provision of pensions or other benefits, whether made before or after the passing of this Act (excluding any scheme established by any enactment repealed by the Act of 1946 but including any other scheme established by or under any enactment and any scheme evidenced only by one or more policies of insurance), provision for modifying or winding up that scheme in connection with—
(a)the passing of any of the enactments re-enacted in this Act;
(b)the operation of any provision of this Act relating to graduated contributions or graduated retirement benefit (and in particular the provisions under which employments become or cease to be non-participating employments); or
(c)the passing after this Act of any enactment which is directed to be construed as one with this Act (except in so far as the contrary intention appears in that enactment, and without prejudice to the generality of that direction),
may be made by regulations made by such Minister of the Crown or government department as may be determined by the Treasury to be appropriate in relation to the scheme to which the regulations are to apply or, in default of any such determination, made by the Chief Registrar of Friendly Societies.
(2)Any such regulations may authorise a scheme to be modified in any manner approved by an authority designated for the purpose by the regulations, or to be wound up on such terms as may be so approved.