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Ogden 7 tables due out on 10th October

The Government Actuary has confirmed that the long awaited Ogden 7 tables update will be published on Monday 10th October.

This revision will reflect the updated mortality data. Whilst we await the published version we believe the figures will be as set out in our Ogden 7 calculator spreadsheet (click to open). This is designed not to cover every age, but rather to show by reference to a sample of ages / sex the impact on the multiplier of the new tables and in each case we have shown the % uplift and the value of such an increase for a given annual multiplicand.

If you access our Ogden 7 calculator spreadsheet and input any figure into the red box the values will change to show the impact on a given change.

So for example:

• A 20 year old male Claimant with a lifetime loss of £10,000 per annum will cost a further £4,700 in damages.
• A 70 year old male Claimant with a lifetime loss of £10,000 per annum will cost a further £11,400 in damages.

Obviously the higher the losses the higher the impact in damages so that:

• A 20 year old male Claimant with a lifetime loss of £100,000 per annum will cost a further £47,000 in damages.
• A 70 year old male Claimant with a lifetime loss of £100,000 per annum will cost a further £114,000 in damages.

As can be seen loss of earnings and pension losses will not be dramatically changed.

• A £20,000 loss of earnings claims to age 70 for a 20 year old male Claimant will rise by a mere £1,800.
• A £20,000 loss of pension for a 20 year old male Claimant will rise by £8,000.

If you have any queries concerning the new tables please contact our Large and Complex team team.

The next steps for the Tables?

The Government will publish update life data on the 26th October this year. This data will be incorporated into a new set of tables (Ogden 8) which will be worked on in 2012.

Andrew Underwood sits on the Ogden Working party and will check the published figures for the table on publication next week.