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Impact of the new Ogden Tables on Personal Injury Compensation calculations
The Ogden tables are used to assist Forensic Accountants in calculating lump sum compensation due in personal injury and fatal accident cases. The newly published 8th Edition has projected a slight reduction in life expectancy resulting in a reduction in future damage awards.
Our analysis indicates that the older the person is, the higher the impact on damages will be.
For instance, when compared with multipliers published in the 7th Edition of the Ogden tables, a 25-year-old male claimant’s multiplier reduces by 0.13-2.64% and a female claimant’s multiplier reduces by 0.78-4.17%.
Whereas, for a 55-year-old male and female’s multiplier reduces by 1.61-4.27% and 2.58-5.88% respectively.
This can be illustrated as follows:
There are several other changes in the new edition including:
- A new section dealing with the indexation of the loss of earnings element of PPO (Periodical Payment Order) awards.
- Disability definition amended to align with the Disability Discrimination Act 1995, this is a more prescriptive definition than in the 7th
- New tables for loss of earnings to retirement age of 68 and pension losses from the same age; this removes the requirement for interpolation in many cases.
- New guidance on the calculation of pension claims reflecting auto-enrolment protocol.
The 8th edition tables can be accessed here: Ogden Tables 8th Edition
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The FPM Forensic team conduct regular webinars and training sessions on various forensic accounting matters.
For further information on upcoming events or regular updates from the Forensics team, please email forensics@fpmaab.com.
