Typically a vessel that has no valid classification, i.e. it is not registered with any recognised ship registry and is used as a vehicle for fraud on cargo owners. In Nima Sarl v. Deves Insurance Co. Ltd (2002), the Court of Appeal disallowed the insured’s claim as the vessel, considered by the insurer to be a phantom, never intended to sail for the destination named in the policy. The risk did not attach.

Pension option allowing the member to ‘phase in’ retirement by drawing segments from his fund at intervals. Each withdrawal funds an annuity and a tax free lump sum and builds up the pension payments. The main constraint is the age 75 rule. This option, also called ‘staggered vesting phased retirement, should be compared with income drawdown.