Indemnifies the insured if, at the end of a specified period, the finance he has provided exceeds the revenue collected from the production and sale of the various films known collectively as a ‘slate. The sum insured represents the entire cost of producing a slate of films, i.e. a given number, and the premium is a percentage thereof.

Contingency insurance against pecuniary loss due to the interruption or abandonment of film through the death or incapacity of named actors or actresses.

Defined in the particular pension scheme and calculated in a specified way (e.g. averaged over a limited period prior to the normal retirement date (or earlier date of leaving) or the actual final salary). The pension scheme definition is usually more restrictive than the IR’s final remuneration definition. See FINAL SALARY SCHEME.

IR definition, more generous than scheme definitions, provides that the final remuneration should be not greater than either: (a) the average total earnings liable to Schedule E tax over three or more consecutive years in the 10 preceding retirement; or (b) basic annual pay of an employee liable to Schedule E tax for any one year of the five preceding retirement plus certain bonuses and commission averaged over a period and benefits in kind. Adjustments can be made using dynamisation. The limit affects how much of a member’s earnings can be taken into account when IR calculates the maximum benefit available under an approved scheme.