Scheme benefits are based on revalued earnings, i.e. index-linked earnings for a given period. The state second pension is a revalued earnings scheme.

IR imposed maxima on benefits and contributions when calculating maximum benefits in approved occupational schemes. Limits vary according to Class A, B and C membership.

Written undertaking by scheme administrator promising to notify IR in the event of certain circumstances or before taking specified actions, e.g. undertaking that benefits will not exceed IR maximum approvable limits.

Legal expenses insurance item. If the insured is awarded damages for personal injury or damage to property and payment is not made within a given time (e.g. three months) then the insurer will pay in full up to £1 million. The employers’ liability section unsatisfied court judgements – pays the amount of the award if the insured would have been entitled to an indemnity had the award been made against him in respect of an injured employee. See UNRECOVERED DAMAGES.

Annuity payable to one person (e.g. surviving spouse) upon the death of another (other spouse). If the former dies first, the premiums are forfeited.

the share of surplus allocated to holders of with-profits policies at the insurer’s year-end; sometimes called annual or guaranteed bonus, and payable in the same circumstances as the sum assured. Once declared it cannot be taken away and is added to the sum assured; but see Market value reduction.
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A sum added periodically during the currency of a with profits life insurance which becomes payable at the same time and in the same circumstances as the sum insured.

Allows the holder of a lapsed life policy to apply for a revival notwithstanding that the grace period and the non-forfeiture period have both expired. The period allowed is one or two years from the days of grace. The policyholder must pay a revival fee, the overdue premiums plus interest and submit evidence of health as required by the office.