1. A person financially dependent on a pension scheme member (or pensioner) but the term is defined precisely in the scheme rules. The IR automatically regards spouses and children as dependants as the later of age 18 or end of full time education/training. 2. Under employment relations legislation (right to take time off) a dependant is a husband, wife, child, parent or anyone living with the employee as a part of his family. Taking time off to deal with emergencies for dependants does not breach the employment contract. 3. See FATAL ACCIDENTS ACT.

Pension scheme option that allows a member to sacrifice part of his own pension to secure a pension for a dependant after his death. The maximum allowable to a surviving spouse is two-thirds of the maximum member’s pension at the normal retirement pension based on current earnings. If death occurs after retirement the dependant receives the percentage of the deceased member’s pension as stated in the rule. See COMMUTATION FACTOR.

A defined contribution scheme also called a cash accumulation policy, used for employee groups or individual personal pensions. Contributions are held by the life office to accumulate with interest. When benefits become payable money is withdrawn to purchase annuities and pay lump sums. The life office carries no risk but acts as investor. The pre-retirement mortality risk is left to the scheme trustees who usually arrange separate cover.

Motor Vehicles (Third Party Risks) Deposit Regulations 1992 provide for a deposit of £500,000 with the Accountant General of the Supreme Court by an individual or entity as an alternative to effecting compulsory motor insurance (Road Traffic Act 1988 (as amended)).

in reinsurance, a deposit of the whole or part of the premiums paid by a cedant company with that company as surety for payment by the reinsurer (also called treaty deposit).

Amounts deposited by reinsurers with cedants to help finance the reinsurers’ proportion of claims. The amount retained is usually such proportion of the agreed premium. The deposit is released annually in arrears.

Also called a community deposit company it means an insurance company (other than a pure reinsurer) whose head office is not in an EC State and which has made a deposit in a member State other than the United Kingdom in accordance with regulatory requirements. If the deposit is lodged in the UK the company is called a UK deposit company.