Schemes awaiting approval
11.—(1) Where at the date of coming into force of these Regulations a scheme which is a small self-administered scheme is in existence and either—
(a)has not yet been submitted to the Board for approval, or
(b)is before the Board for approval,
the Board shall not be prevented from approving it by virtue of section 591 of the Act by reason only that it contains a provision or provisions of a description specified in any of sub-paragraphs (a), (b) and (c) of paragraph (2).
(2) The description of provisions specified in this paragraph is—
(a)a provision which authorises the trustees of the scheme to retain an investment of a description mentioned in sub-paragraph (a), (b) or (c) of regulation 5(1) which is held by them immediately before the day on which these Regulations were made;
(b)a provision which authorises the trustees of the scheme to continue to lend money, or retain shares in an employer or any company associated with that employer, which was being lent or held by them immediately before the day on which these Regulations were made, where at the time the money was first lent or the shares were acquired the aggregate referred to in paragraph (1) of regulation 7 exceeded the figure specified in paragraph (2) of that regulation, but did not exceed the figure specified in paragraph (3) of that regulation, notwithstanding that the loan was made or the shares were acquired during the period of two years from the date on which the scheme was established;
(c)a provision which authorises the trustees of the scheme to sell assets held by them immediately before that day to a member of the scheme or a person connected with him.