Section 149 of the Principal Act is amended -

(a) in subsection (1), by the substitution of the following subsection for subsection (1):

"(1) The trustees of a scheme or trust RAC shall not accept any contributions to a scheme or trust RAC from an undertaking unless -

(a) in respect of the scheme or trust RAC concerned -

(i) the trustees are authorised by the Pensions Authority under this section, and

(ii) approval has been granted, or deemed to have been granted, under section 151 in relation to the undertaking concerned, or

(b) in the case of a scheme or trust RAC which is a receiving scheme or trust RAC referred to in section 151A(13) -

(i) the trustees of that scheme or trust RAC are deemed, under section 151A(13)(a), to be authorised under this section, and

(ii) approval in respect of section 151 has been deemed, under section 151A(13)(b), to have been granted in relation to the undertaking concerned.", and

(b) by the insertion of the following subsections after subsection (6):

"(7) Where the Pensions Authority is not satisfied that -