The portion of a participant’s pension benefit that relates to his credited service in a contemporary period, usually 12 months.
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DEPOSIT PREMIUM
A premium paid in advance as a deposit when it is not practicable at the time of placing the risk to assess the final premium. It is usual for a provision to be made at the time of placing to allow for adjustment on expiry of the policy. In some cases the deposit is specified as a minimum premium, in which case the adjustment is made only if the final premium exceeds the deposit premium.