Theoretical pension scheme to which reference is made to ensure that members of contracted out salary related schemes post-April 1997 will receive as much in benefits as under the reference scheme to comply with PSA93, s.12B. The scheme actuary must certify that the scheme meets these benchmark requirements.

Station whose statistics are used for the purpose of calculating average daily temperatures and other meteorological variables for the purpose of weather derivatives. All such contracts are based on the actual observations of one or more stations.

Engineering insurance covering breakdown and/or accidental damage to plant and the resultant damage to own surrounding property. A monetary excess applies. The policy is suitable for refrigerating machinery used with cold rooms or chambers for the storage of frozen or chilled goods or in connection with air conditioning units for the control of temperature in offices and other buildings.