1. IPRU (INS) refers to: (a) fidelity bonds, performance bonds, administration bonds, bail bonds, customs bonds, or similar contracts of guarantee effected in return for premiums; (b) tontines; (c) capital redemption contracts and pension fund management contracts when effected or carried out by a body that effects or carries out insurance contracts; (d) contracts to pay annuities on human life; (e) contracts of a kind referred to in art. 1(2)(e) of the First Life Directive; and (f) contracts of a kind referred to in art. 1(3) of the First Life Directive. 2. A contract, whereby one party, an insurer, agrees in return for a consideration from another party (the premium) to pay the insured money, or its equivalent, upon the happening of certain events. Three essentials are: the consideration (the premium), promise of payment to the insured and a specified event.

The main contributing interests to general average expenditure are ship, freight and cargo, including specie. The only exceptions are H.M. mails, crew’s effects and passengers’ personal effects not shipped under a bill of lading. Otherwise the ‘interests’ saved contribute on their net arrived values at the place where the voyage ends.

A period during which pension scheme contributions of employer and/or employee are temporarily suspended. Occurs when the pension fund is in surplus.

The maxima that IR allows for tax relief purposes when paid into approved occupational pension schemes, personal pension plans and retirement annuities. Contributions to personal pension schemes including self-invested personal pensions and retirement annuity contracts are based on a scale of age-related percentages of net relevant earnings (17.5 per cent for persons aged 35 or less up to 40 per cent for age 61 and over). Contributions to approved occupational scheme members are limited to a maximum of 15 per cent of taxable remuneration in any year regardless of age. This limit remains unchanged when contributing concurrently to a personal pension or stakeholder plan (contributions to stakeholder pensions are limited to £3,600 irrespective of age (2002/3)). Except for retirement annuity contracts, all contributions are subject to the earnings cap. There are no limits on employers’ contributions other than those required to ensure that benefits remain inside IR maxima. See CONCURRENCY.

Payment to the state pension scheme to purchase S2P rights when a member with less than two years of qualifying service, leaves a contracted out scheme. The member is then reinstated into S2P/SERPS for the whole of the contracted out period.

Any pension scheme where the member makes a contribution. Compare with non-contributory schemes.

Aim at reducing asbestos exposure by obliging duty holders (employers and others) to carry out a risk assessment and declaring the amount, type and safety of asbestos in non-domestic premises they own or occupy. Employers must prepare and implement a management plan to control asbestos risks. The new regulations consolidate earlier legislation and introduce new controls on the way asbestos is handled in the workplace. The duty is owed to anyone affected by work activity. Non-domestic buildings owners contemplating refurbishment or demolition must conduct an asbestos survey.

The period over which the standard contribution rate has been calculated to remain constant, assuming that the funding ratio at the beginning and end of the period is 100 per cent. The control period, which is normally for one year or more but which could be less, should be specified. (Source GN26.)

The main test of an employer/employee relationship is the right to control how, when, where and by whom the work should be done. The ’employee’ is substantially controlled and directed by the other person in the manner of doing the work. An independent contractor agrees to perform the work but not under the control of the other party. In 1952 (Stevenson, Jordan and Harrison Ltd v. McDonald and Evans) Denning L. J. illustrated the difference by distinguishing a taxi driver from a chauffeur. The other ‘irreducible minimum’ is the test of mutuality of obligation.