THE MULTIPLIERS THEY ARE A CHANGING: 8th EDITION OF THE “OGDEN TABLES”
The 17th July saw the publication of the latest (the 8th) edition of the Government Actuary’s Department “Actuarial Tables” “With explanatory notes for use in Personal Injury and Fatal Accident Cases”. This may be particularly frustrating for those who were drafting schedules or counter-schedules last week, some re-working is going to be necessary. Part 36 offers may need looking at with some care. The latest edition is available here.
The introduction of tables to a retirement age of 68 is particularly welcome. On a (highly practical) note the highlights of the 0.25% table makes this easier to use.
The major changes are summarised in the introduction by William Latimer-Sayer QC.
“Section A has been fully updated. In particular, the section on life expectancy has been expanded, and there is new guidance and new examples regarding the interpolation of multipliers and calculating split multipliers for variable losses.
• Section B has been extensively revised and there is new guidance on when and how to depart from the suggested Table A to D reduction factors in appropriate cases.
• There is a new Section C regarding the application of the Tables to pension loss claims together with two examples.
• Following the Supreme Court’s decision in Knauer v Ministry of Justice  UKSC 9, Section D regarding the application of the Tables to Fatal Accident Act claims has been re-written and simplified, with a number of new examples.
• A new Section E deals with the indexation of loss of earnings periodical paymentorders (PPOs), the application of the suggested Table A to D reduction factorsand how to update for different earnings-based measures of inflation.
• Four new tables are provided for men and women for loss of earnings to a retirement age of 68 and pension losses from the same age.
• Four new tables are provided for men and women for loss of earnings to a retirement age of 80 and pension losses from the same age.
• There are new Additional Tables at discount rates of -0.25%, -0.75% and 0%.”