The Ministry of Justice has announced the appointment of an expert panel, who will consult with the Lord Chancellor on the ongoing review of the Personal Injury Discount Rate (PIDR).
The PIDR helps to ensure that claimants receive full damages, including for their future financial needs, when they are wrongfully injured. The MoJ describes it as 'a percentage figure used to help calculate how much defendants have to pay in damages to claimants in serious, life-changing personal injury cases, when the damages are paid in the form of a lump sum'.
It is the duty of the Lord Chancellor to set the PIDR. By law, the mechanism has to be reviewed every five years.
Further information on the review can be found on the Government's website.