The maximum pension benefit a member can receive under an approved scheme. This does not apply to personal pensions or simplified defined contribution schemes. The maximum amount varies according to whether the member is a Class A, Class B or Class C member.

The largest possible loss that could occur given the worst combination of circumstances. Under a fire policy the worst case scenario would be a fire in circumstances where the automatic sprinklers and fire extinguishers failed, and the fire brigade came late to the scene. A further coincidence might be a fully stocked warehouse containing high value combustible goods. Compare with estimated maximum loss (EML).