The personal injury discount rate in Scotland and Northern Ireland: Julian Chamberlayne, Professor Victoria Wass & Chris Daykin query the basis of the calculation
- Examines the government actuary’s recent review and determination of the PIDR in Scotland and Northern Ireland, and sets out the reasons for an FOI request into the unparticularised sources used.
On 24 September 2024, the government actuary completed her review and determination of the personal injury discount rate (PIDR) in Scotland and Northern Ireland, respectively, setting the rate in both jurisdictions at +0.5% with effect from 27 September 2024.
Some key aspects of this had been foreshadowed by policy notes issued in April 2024 by the Justice Directorate of the Scottish government and the Department of Justice of Northern Ireland. One of these was that with the phasing out of the retail price index (RPI), it was necessary to find a suitable alternative inflation index measure.
Representing inflation
The legislation in both these jurisdictions provides that
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