Group of employers and occupational schemes that have agreed to deal with transfer payments in the same way.

The benefit purchased for a member when a transfer payment is made by his ex-pension scheme to his new scheme. Pensionable service in the old scheme is linked to service in the new scheme.

A procedure whereby an insurance company can, subject to supervision by the FSA, transfer its rights and obligations under policies issued to another insurer without obtaining the formal consent of the policyholders concerned.

Amount paid by one pension scheme to another when its former member joins another occupational pension scheme or starts a personal pension to which his benefits are transferred. The transfer payment may be made in accordance with the scheme rules or in the exercise of a member’s right under PSA93.

The value of a pension in a previous employment when transferred to a new employer’s pension scheme. An occupational scheme is not bound to accept a transfer value.

Institute Cargo Clause 8 (1/1/82) incorporating the warehouse to warehouse clause. Cover attaches when the goods leave the warehouse, etc., at named place of origin, continues during the ordinary course of transit, and ceases on soonest of arrival at place of storage at named destination or 60 days after discharge. If the intended destination is altered after discharge, cover ceases on commencement of transit to new destination, unless it has already ceased under the above conditions. The clause allows for trans-shipment.

Firm whose head office is situated in an EEA state other than the UK and which is incorporated in that state. Automatic authorisation is given, subject to conditions that include a ‘consent notice’ from the home state regulator, to firms exercising EC Treaty rights. Authorisation by the home state regulator provides the firm with a ‘passport’ to carry on business in the UK. See SINGLE INSURANCE MARKET.

a period of twelve months covered by a reinsurance treaty or contract and used to determine the risks covered by the contract.