A unit-linked fund or insurer managed fund in which transactions in the underlying assets are decided by the fund manager. Normally fund managers invest in a spread of all types of assets as opposed to a specified type of asset.
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A fund managed by insurance company or other financial institution with a discretion in the choice of investment.

Regulations principally concerned with risk assessment, management, health surveillance, use of competent assistance and provision of information and training for employees. Employers and the selfemployed must carry must out a risk assessment and have arrangements for effective planning, organisation, control, monitoring and review of their preventative and protective measures. Employers with five employees or more must record their assessments. Regulatory breach is a criminal offence and, by an amendment, it is intended to allow civil claims against the employer.

at Lloyd’s, the person (individual or corporate) who manages a syndicate, conducts the underwriting, invests syndicate funds and prepares syndicate accounts.
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An underwriting agent which has permission from Lloyd’s to manage a syndicate and carry on underwriting and other functions for a member.

Corporate bodies responsible for running Lloyd’s syndicates. They appoint the active underwriter and the staff. The mana ing agent’s agreement sets out the duties, powers and remuneration of the agent and obligations of the member. Since 2003 managing agents have been granted franchises to operate within Lloyd’s. Some even provide capital to the syndicates they manage in which case they become corporate members. Lloyd’s has published a number of codes of practice for managing agents.

The IR must approve an occupational pension scheme that meets the requirements of ICTA 1988, s.590(3). The benefit under such schemes (approved schemes) must be a pension on retirement at a specified age between 60 and 75 not exceeding onesixtieth of final remuneration for each year of service up to a maximum of 40. Cash commutation must not exceed three-eightieths of final remuneration for each year of service. A widow(er)’s pension in death after retirement must not exceed two-thirds of the employee’s pension. These and other restrictions result in most schemes preferring exempt approved scheme status.

An offer that a Lloyd’s member or group of members holding 75 per cent of a syndicate’s capacity must make to acquire the syndicate’s residual capacity. In practice it means that corporate members aligned to a syndicate are obliged to make an offer to buy out the unaligned members who are not obliged to accept. See MAJOR SYNDICATE TRANSACTION.

MHR apply to virtually every form of employment. Employers should avoid manual handling whenever reasonably practicable’ otherwise they must make a risk assessment based on the task, the load, the environment and the person. The employer’s duty is to make the task safe while the employee should use the systems of work for handling operations. A breach by the employer amounts to a criminal offence and may provide the basis for an injured employee to claim damages.