Retirement benefits scheme approved by the IR under ICTA 1988, Chapter I, Part XIV, including an FSAVC scheme. The term also applies to personal pension schemes or occupational pension schemes approved under Chapter IV. Approval is given when the scheme is: established under an irrevocable trust; the administrator and the company are in the UK; the employer pays at least 10 per cent of total contributions; contributions and benefits are within IR limits; cash commutation must not exceed three-eightieths of the final remuneration for each year of service; the maximum retirement benefit cannot exceed the one-sixtieth accrual rate; the eligible employees must be given written notice of the scheme’s terms and conditions. The strict conditions cause most employers to seek the greater flexibility of exempt approved schemes.

A vessel deemed adequate to carry the insured cargo at the agreed rate of premium. In the American market a cargo-carrying vessel over 1,000 net registered tons and under 20 years of age is approved by insurers to carry cargo without additional premium. The London market uses a different standard. Where the vessel is not approved, the risk is held covered (H/C) subject to payment of an additional premium.

Financial transaction involving the simultaneous purchase and sale of identical or equivalent financial instruments in different markets in order to profit from price differences. Per-transaction profit is small but financial institutions such as banks and (re)insurers enter into large transactions at relatively low costs.