Subject to the provisions of this Act, the Admiralty may from time to time make such regulations as may seem fit for determining the nature and amount of the pensions, allowances, gratuities, and payments for education and maintenance to be granted or made under the powers of this Act, according to the circumstances of different cases, and for governing the selection of the persons to receive the benefit of this Act. Regulations made by the Admiralty under this Act shall not have effect unless and until they are approved by Her Majesty in Council.