Pensions term meaning: (a) benefits to which active members would be unconditionally entitled on leaving service; (b) the preserved pension benefits for deferred pensioners; (c) pensions entitlement of current pensioners; including, where appropriate, the related benefits for spouses or other dependants.

Bonus declared in respect of, and allotted to, with profits life policies. Once declared it is said to ‘vest’ and is added to the life insurance benefit and the existing bonuses. All vested bonuses become payable under the same conditions as the sum insured. With profits benefits once added are guaranteed.