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Appraisal value

The value ascribed to a life company which is open to new business and is represented by the sum of the embedded value and the goodwill.

High-speed downlink packet access

A mobile telephony protocol, also called 3.5G (or .3½G.). It is a packet-based data service with data transmission up to 8-10 Mbit/s (and 20 Mbit/s for MIMO (Multiple-Input Multiple-Output) systems) over a 5 MHz bandwidth in W-CDMA downlink. HSDPA implementation includes Adaptive Modulation and Coding (AMC), MIMO, Hybrid Automatic Repeat Request (HARQ), fast scheduling, fast cell search, and advanced receiver design.

Pension credit

Term used to refer to either:

• the main income-related benefit for pensioners. A non-contributory, non-taxable, means-tested benefit, made up of two elements: the Guarantee Credit and the Savings Credit (see respective terms). The qualifying age for men and women is linked to women's State Pension age; or

• in relation to pension sharing on divorce, it is the amount of benefit rights that the ex-spouse or ex-civil partner of a scheme member becomes entitled to following a pension sharing order. The pension sharing provisions in the Welfare Reform and Pensions Act 1999 (WRPA 1999) introduced the ‘pension debit’ and ‘pension credit’. The ‘pension debit’ is the amount by which the value of the original member's pension rights are reduced and the ‘pension credit’ the corresponding amount by which the ex-spouse's or former civil partner's pension rights are increased. Section 29, WRPA 1999 determines the value of the pension credit to be transferred to the ex-spouse or former civil partner.