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12

Personal injury discount rate legislation

Open-access content Tuesday 5th December 2017 — updated 5.50pm, Wednesday 29th April 2020

The Institute and Faculty of Actuaries (IFoA) was delighted to give evidence to the Justice Select Committee on 1 November on the draft personal injury discount rate legislation.


The Institute and Faculty of Actuaries (IFoA) was delighted to give evidence to the Justice Select Committee on 1 November on the draft personal injury discount rate legislation. 

Martin White, who sits on the General Insurance Board, represented the IFoA. He was on a panel alongside Richard Cropper of Personal Financial Planning, Brett Dixon, president of the Association of Personal Injury Lawyers and Professor Victoria Wass, a labour economist at Cardiff Business School. 

Following our consultation response on the proposed changes to the discount rate, submitted in early October, we had a valuable opportunity to restate our position that the needs of the claimant must be the priority and sit at the centre of the compensation process. 

On receiving a payout, we believe that claimants should not have to take any significant investment risk. As such, we have made the case for a discount rate that reflects a market-consistent value for the lowest-risk investments, namely government-backed, index-linked gilts.

You can find out more on our consultation page at bit.ly/1No86sB

This article appeared in our December 2017 issue of The Actuary.
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