Government Actuarys Department
The Government Actuary Martin Clarke CB will chair the personal injury discount rate (PIDR) expert panel.
The Ministry of Justice has announced the names of the panel members for the next PIDR review for England and Wales.
Set in legislation
The Lord Chancellor is required by the Damages Act 1996 to set the PIDR. Furthermore, the Civil Liability Act 2018 (as amended by Part 2) stipulates the Lord Chancellor must undertake a review of the rate every 5 years.
For the first review the Government Actuary was consulted and an expert panel, chaired by the Government Actuary, must be consulted for each subsequent review.
Damages payments
The PIDR is a percentage figure used to calculate damages payments to people who have undergone serious and long-term injuries where the damages are paid as a lump sum.
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Where a claim for future losses is settled as a single cash amount, the assessment of future losses and costs is converted into a lump sum allowing for the:
- period over which losses and costs are expected to be met
- assumed investment return that a claimant should expect to earn on the lump sum award
This assumed investment return is the personal injury discount rate.
Panel members
In addition to Martin Clarke CB as Chair, the PIDR Expert Panel has been announced as:
- Charl Cronje - member with experience as an actuary
- Donald Taylor - member with experience of managing investments
- Dr Rebecca Driver - member with experience as an economist
- Edward Tomlinson - member with experience in consumer matters as relating to investments
The first meeting is due to be held in July 2023. Further details and minutes from the meetings will