8th December 2021
The Damages (Return on Investment) Bill now awaits Royal Assent having passed the Final Stage in the Northern Ireland Assembly on 7 December. The Bill provides the framework and methodology to review the rate, which was amended to -1.75% as an interim measure from 31 May 2021 having been unaltered since 2001.
Once it has been enacted, the Government Actuary will commence a review of the rate within 90 days. The Department for Justice has already commenced some preliminary work and hopes the review will be completed sooner than 90 days.