B1Assumed rate of return on damages invested: Scotland

1

In determining the return to be expected from the investment of a sum awarded as damages for future pecuniary loss in an action for personal injury, a court must take into account the rate of return set by the official rate-assessor.

2

However—

a

the court is to do so subject to and in accordance with rules of court (if any) made for the purpose of subsection (1),

b

the court may take a different rate of return into account if a party to the action shows that the different rate is more appropriate in the circumstances of the case.

3

Schedule B1 contains provision about setting the rate of return for the purpose of subsection (1).

4

In subsection (1), the reference to the official rate-assessor is to—

a

if no regulations under paragraph (b) are in force, the Government Actuary (but, when that office is vacant, the Deputy Government Actuary), or

b

a person appointed in place of the Government Actuary (including the Deputy as referred to in paragraph (a)) by regulations made by the Scottish Ministers.

5

Regulations under subsection (4)(b) may provide for a person to deputise for the person appointed in place of the Government Actuary.

6

Before making regulations under subsection (4)(b), the Scottish Ministers must obtain the agreement of—

a

as respects appointment in place of the Government Actuary, the person to be appointed,

b

as respects deputising as mentioned in subsection (5), the person who is to deputise as provided for.

7

Regulations under subsection (4)(b) are subject to the affirmative procedure.