As a rule, when you have water under a pool, you need to find a way to keep it drained, at least while you are working. There are various ways to do this, with different methods preferred in different areas of the country.
Once way is to place corrugated drains under the vermiculite, leading into a 'bucket drain' with a pump installed, and a discharge line and power line dug under the walls and away to the surface. Then, you can re-install the liner bottom and your new liner.
Obviously, if you don't have strong construction skills yourself this is work you'll probably want to hire this done. Just keep in mind they may do it differently where you live.
Ben
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