The Damages (Process for Setting Rate of Return) Regulations (Northern Ireland) 2024
These Regulations alter some of the parameters which are to be used by the official rate-assessor (the Government Actuary) in setting the rate of return for the purposes of section C1(1) of the Damages Act 1996. That rate is known as the Personal Injury Discount Rate and is used in the calculation of awards of damages for future pecuniary loss in an action for personal injury. Under Schedule C1 to the 1996 Act, the rate is to be set to reflect the return which a hypothetical claimant investor (as described in paragraph 17 of that Schedule) could reasonably be expected to achieve if investing in the notional portfolio over the prescribed period, subject to two standard adjustments.