This afternoon the Government Actuary’s Department released an amended version of the Ogden tables which now includes the new discount rate of -1.75 for Northern Ireland. The relevant webpage of the GAD’s site explains that “Under the Damages (Personal Injury) Order (Northern Ireland) 2021, made under section 1 of the Damages Act 1996, the prescribed discount rate to be taken into account by the courts in Northern Ireland when assessing lump sum damages awards for personal injury was lowered from 2.5% to -1.75% with effect from 31 May 2021. As the tables of multipliers in the original 8th edition of the Ogden Tables are not tabulated at a discount rate of -1.75% updated tables have been issued. The text of the Explanatory notes has been updated and a number of other minor typographical amendments have also been made.”
Alistair Kinley, Director of Policy & Government Affairs, BLM
Following the publication of the eighth edition of the tables late last week, Alistair Kinley and Andrew Williamson outline their views on the key changes to the tables of personal injury multipliers and address some of the new points of emphasis in the accompanying explanatory notes. Their video presentation builds on our news article of 20 July about this latest edition of the tables and can be viewed below.
To view the video in full screen, please click here to be directed to our YouTube channel.
The eighth edition of the Ogden Tables was published on Friday 17 July 2020. This latest edition provides a new set of tables, and explanatory notes, to guide and inform the approach to the valuation of lump sum awards for future losses. Unlike in previous additions, there is now a short section of the explanatory notes addressing text dealing with periodical payments.
The main headline change for those dealing with high value claims is a reduction in the level of multipliers as a result of a slowdown in life expectancy improvement compared with the assumptions that were adopted when the seventh edition was produced. A change to those figures was anticipated in BLM’s previous blog in November 2019, a copy of which can be accessed here.