177B.-Alteration of scheme's terms.

(1) The alteration of the terms of a registered scheme shall not of itself invalidate the registration of the scheme.
(2) Subsection (1) above is without prejudice to the power of cancellation conferred on the Board by section 178(3A); but the power conferred by section 178(3A) shall not be exercisable by virtue of an alteration registered in accordance with this section.
(3) Where the terms of a registered scheme have been altered, the scheme employer may apply to the Board for the registration of the alteration.
(4) An application under subsection (3) above-

(a) shall be in such form as the Board may prescribe;
(b) shall be made within the period of one month beginning with the day on which the alteration is made;
(c) shall contain a declaration by the applicant that the alteration is within subsection (8) below and that the scheme as altered complies with the requirements of Schedule 8 (either as that Schedule had effect when the scheme was registered, or as it then had effect but subject to one or more subsequent amendments specified in the declaration);
(d) shall be accompanied by a report by an independent accountant, in a form prescribed by the Board, to the effect that in his opinion the alteration is within subsection (8) below and the scheme as altered complies with the requirements of Schedule 8 (either as that Schedule had effect when the scheme was registered, or as it then had effect but subject to one or more subsequent amendments specified in the report).

(5) The Board shall not more than three months after the day on which they receive an application under subsection (3) above either register the alteration or refuse the application; and in either case they shall give notice of their decision to the applicant.
(6) Subject to subsection (7) below, the Board shall register an alteration on an application under subsection (3) above.
(7) The Board may refuse an application under subsection (3) above if they are not satisfied-

(a) that the application complies with the requirements of subsection (4) above, or
(b) that the declaration referred to in subsection (4)(c) above is true.

(8) An alteration is within this subsection if-

(a) it relates to a term which is not relevant to the question whether the scheme complies with the requirements of Schedule 8; or
(b) it relates to a term identifying any person (other than the scheme employer) who pays the emoluments of employees to whom the scheme relates; or
(c) it consists of the addition of a term making provision for an abbreviated profit period of the kind referred to in paragraph 10(3) of Schedule 8; or
(d) it amends the provisions by reference to which the employees to whom the scheme relates may be identified, and does so only for the purposes of profit periods which begin after the date on which the alteration is made; or
(e) it relates to a provision of a kind referred to in paragraph 13(4) or (5) or 14(3), (4) or (5) of Schedule 8 (as those provisions have effect at the time of the application for registration of the alteration), and has effect only for the purposes of profit periods beginning after the date on which the alteration is made; or
(f) it amends the provisions as to when payments will be made to employees, and does so only for the purposes of profit periods beginning after the date on which the alteration is made; or
(g) the scheme did not comply with the requirements of Schedule 8 when it was registered, and the alteration-

(i) is made in order to bring the scheme into compliance with the requirements of that Schedule (either as it had effect when the scheme was registered or as it has effect at the time of the application for registration of the alteration), and
(ii) is made for the purposes of the first and any subsequent profit period to which the scheme relates, and
(iii) is made within two years of the beginning of the first profit period, and
(iv) does not invalidate (in whole or in part) any payment of profit-related pay already made under the scheme²⁰.]^{21 22}.