Exemptions
12.—(1) Sections 37 and 76 (excess assets on winding up) of the 1995 Act shall not apply to a scheme where—
(a)a Minister of the Crown has given a guarantee or made any other arrangements for the purpose of securing that the assets of the scheme are sufficient to meet its liabilities;
(b)arrangements for the payment of any surplus or for the distribution of any excess assets on the winding up of the scheme are subject to the approval of a Minister of the Crown; or
(c)the scheme does not fall within the description of schemes prescribed in regulation 3(1).
(2) Where such a guarantee has been given as is mentioned in paragraph (1)(a) or (b) in respect of only part of a scheme, sections 37 and 76 of the 1995 Act, shall apply as if that part and the other part of the scheme were separate schemes.