Reviewing the Personal Injury Discount Rate: Insights into the 2024 expert panel appointment
By Law News
Ministry of Justice appoints expert panel for crucial review, shaping compensation in serious personal injury cases
The Ministry of Justice has provided an update on the ongoing review of the Personal Injury Discount Rate (PIDR) as of March 4, 2024. The PIDR is a pivotal element in adhering to the common law principle that victims of wrongful injury should receive full damages, encompassing future financial needs.
The PIDR, expressed as a percentage, aids in determining the damages defendants must pay claimants in severe, life-altering personal injury cases where a lump sum is awarded. The Damages Act 1996 mandates the Lord Chancellor to set the PIDR.
Part 2 of the Civil Liability Act 2018 (CLA) amended the process, mandating a review every five years, with the Act specifying the establishment of an expert panel for consultation. The latest expert panel comprises individuals with diverse expertise:
- Charl Cronje - Actuarial experience
- Donald Taylor - Investment management experience
- Dr. Rebecca Driver - Economist
- Edward Tomlinson - Consumer matters expertise related to investments
The panel, chaired by Fiona Dunsire, the Government Actuary, ensures a comprehensive approach to the review. As per CLA provisions, meeting minutes will be transparently published on the Ministry of Justice's dedicated page. This process underscores the commitment to a thorough and informed evaluation that will significantly impact compensation outcomes in serious personal injury cases.