विरिञ्चिः पञ्चत्वं व्रजति हरिराप्नोति विरतिं
विनाशं कीनाशो भजति  धनदो याति निधनम्।
वितन्द्री माहोन्द्री विततिरपि संमीलितदृशा
महासंहारेऽस्मिन् विहरति सति त्वत्पतिरसौ॥

viriñciḥ pañcatvaṁ vrajati harirāpnoti viratiṁ
vināśaṁ kīnāśo bhajati  dhanado yāti nidhanam |
vitandrī māhondrī vitatirapi saṁmīlitadṛśā
mahāsaṁhāre'smin viharati sati tvatpatirasau ||

viriñci – Brahmā; pañcatvaṁ vrajati – ceases to exit; hari āpnoti viratiṁ - Viṣṇu also attains His end; vināśaṁ kīnāśo bhajati – Yama also gets destroyed; dhanado yāti nidhanam – Kubera also meets with his end; vitandrī māhondrī vitatirapi – active Indra with other gods;  saṁmīlitadṛśā  - become functionless with their eyes closed; mahāsaṁhāre asmin – even in that great dissolution; viharati – enjoying with You; sati tvat patir asau – faithful Consort of Śiva.

“O! Faithful Consort of Śiva! At the time of great dissolution, Brahmā, Viṣṇu, Yama, Kubera, Indra and other gods cease to exist. But Your Consort Śiva alone enjoys with You even during the great dissolution.”

Dissolution is an act of the Lord by which everything is annihilated including Brahmā, Viṣṇu, Indra, Yama, etc are absorbed into Śiva. Brahmā and other gods have no work to do when the universe is dissolved. The act of annihilation can be initiated only by Śiva. There are two nāma-s in Lalitā Sahasranāma that discuss about annihilation - nāma-s 232 and 571.

Śiva dances fiercely at the time of great dissolution (mahākalpa is the time between two annihilations) and none was around except Parāśakti, who merely witnesses this terrible act of Śiva. The great dissolution means the universe ceases to exist and nothing remains except Śiva and Śaktī.  The dissolution is called the fourth act of the Brahman, the other three being creation, sustenance and destruction.  The difference between destruction and dissolution is noteworthy.  Destruction is transmigration of a soul.  The soul leaves the body to be born again.  Death is only for the physical body.  Dissolution or annihilation or the deluge means the death of all the physical bodies as well as all the souls.  When dissolution happens, nothing exists.  Everything dissolves into Śiva in the presence of Śaktī, who witnesses the great dissolution.  When annihilation unfolds, the entire universe gets dissolved into Śiva.  This happens exactly in the reverse process of creation.  At the time of creation ākāśa was born out of the Brahman, air was born out of ākāśa, etc.  At the time of annihilation, air gets dissolved into ākāśa and ākāśa gets dissolved into Śiva.  This process is known as involution as opposed to evolution, a process that happens during creation. 

This verse does not talk about the chastity of Parāśakti, as any discussion about Her chastity is absolutely meaningless. Her chastity is beyond comprehension even by the best of yogic minds. Further, they are not two separate entities; they are a single entity. The purpose of the verse is that when the great dissolution is initiated by Śiva, She is majestically present by His side witnessing the unfolding dissolution. This further goes to prove that both Śiva and Śakti are inseparable, as one without the other becomes inert as explained in the first verse of Soundarya Laharī.  

Śiva is full of pure consciousness, known as Cit Śakti and Śakti is full of Bliss known as Ānanda Śakti. These two śakti-s Cit Śakti and Ānanda Śakti are inseparable. One can attain the state of Śiva only after entering into the state of bliss. This theory is substantiated in Lalitā Sahasranāma 727 śiva-jñāna-pradāyini. When one enters the state of Śiva, that state is known as cidānanda (cit and ānanda). Cidānanda is the state of Paramaśiva (the Supreme Lord), who abides in the experience of consciousness and bliss.

This verse reemphasises their inseparable union. It also implies that without worshipping Her, worshipping Śiva will be futile.