The set up shown will work just fine, though to be safe I'd put the check valve on the pump so as to prevent water and or air from flowing back into the tank from above.
I also made a few assumptions:-
- The free space in the top of the tanks is small enough
- The tank is not too tall (less than about $9~\text{m}$ should suffice)
- The volume of the pond is large enough
- Water cannot flow back through the pump
- The diameter of the outflow pipe is small compared to the tank diameter.
At first, the pressure of the air gap in the tank is at atmospheric pressure: this means it has a gauge pressure (pressure above atmospheric) of 0.
Check valve must be placed on the outlet pipe as close to the pump as possible.
Before the pump is turned on, the weight of the water will cause it to flow out into the pond through the bottom pipe connecting the two. As this does, the volume of the air gap will increase, and thus it's pressure will drop. Eventually the pressure will reach a point such that the force it exerts on the water will cancel out the gravitational force pulling the water out. (Negative gauge pressure)
When the pump turns on, it will remove water from the main tank again increasing the air gap volume. This will mean there is an overall negative gauge pressure at the tank side of the inlet pipe, thus causing water to be drawn into the tank to replace the water removed by the pump.
The reason this all works is due to the difference of the external pressure and the internal pressure, and works on a similar principle this.