Imprisonment for life is imposed in the most serious cases, although in almost all cases subject to a review by the Parole Board after the specified minimum term.

A beneficiary entitled to the income of the trust fund for life or to the use of trust assets.

A proprietary toolkit for measuring and managing mortality and longevity risk, enabling the risks to be measured in a standardised way.

The length of time that each item in the facility, such as plant machinery, fittings and equipment is required to last before being renewed or replaced.

These are the assets, including furniture, plant, fixtures and fittings which need to be replaced during the life of the agreement.

This Flowchart illustrates the typical lifecycle of a medical device. The lifecycle identifies eight key stages and signposts key regulatory actions: (1) concept; (2) prototype design; (3) pre-clinical stage; (4) clinical stage; (5) manufacturing stage; (6) marketing; (7) commercial/patient use; and (8) obsolescence. Although it appears linear,

This flowchart illustrates the typical lifecycle of a medicinal product. This lifecycle can be broken down into three main stages: (1) research and development; (2) commercialisation;

A lifetime right of a person to use but not consume or destroy another's property.

FORTHCOMING CHANGE: The Trusts and Succession (Scotland) Act 2024 received Royal Assent on 30 January 2024, marking the first review of trusts law in Scotland in over 100 years since the principal legislation, the Trusts (Scotland) Act 1921, was passed. The trusts provisions require secondary legislation from Scottish Ministers to be brought into force whereas some provisions relating to succession law came into effect on 30 April 2024. The main changes to modernise the law are summarised in News Analysis: Trusts and Succession (Scotland) Bill passed. Practice Notes on areas of Scottish trusts and succession law will be updated further to reflect this new legislation. Liferent trusts A liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property upon a beneficiary or beneficiaries. The beneficiary enjoying the use or fruits of the trust property is known as the liferenter. Liferent trusts will sometimes be referred to as interest in possession (IIP) trusts or life interest trusts (the preferred English nomenclature)—see

A structured approach to investment designed to take account of investment risk over a working life and to remove the need for members to make investment choices.

An investment strategy where a member's investments are switched automatically as they get older to more secure holdings, such as cash.

The time period during which a nuclear power station is licensed to operate.