The eagerly awaited 2023 ASHE dataset was published on 1st November 2023.
For claimants with periodical payments indexed in line with the equivalent of the ASHE 6115 Standard Occupational Code (SOC), this dataset will determine the value of their periodical payments for the next year.
This latest dataset is the second to be compiled in accordance with SOC 2020. Following the initial uncertainty around the calculations to accommodate reclassification to SOC 2020 after last year’s data release, causing NHS Resolution to seek Court direction, the calculation of periodical payments should be more straightforward this year, than last.
The hourly rates applicable to ASHE 6115, from the 60th centile upwards, are shown below:
The full dataset for ASHE 6115 can be found in Table 26.5(a), via the following link: CLICK HERE
(The zip files give access to all the sub-tables and corresponding excel file. The tab at the bottom of the spreadsheet splits the data between All, Male, Female, Full-time and Part-time).
Alternatively, the ONS website has a useful search tool function, allowing users to filter according to various parameters and download specific data required: CLICK HERE
Claimants in receipt of ASHE 6115 indexed periodical payments, many of whom are due to receive their next instalment on 15th December 2023, will see an increase in their payment following the application of indexation.
In percentage terms, hourly rates have increased as follows (showing the percentage increase from the revised 2022 data, to the first release 2023 data):
* 12 month change in CPI to April 2023 – this being the month in which the ONS collates the relevant earnings data for the ASHE survey
As can be seen, hourly rates of pay have risen strongly across all centiles. Whilst earnings have not quite kept pace with inflation, this level of indexation will provide a welcome financial uplift to many recipients of periodical payments, particularly during a period over which investment markets have had a difficult time, resulting in lower returns for lump sum damages.
Following the release of the latest ASHE data, it will be important for claimants to ensure that the correct level of indexation is applied to their periodical payments. The Chase de Vere Court of Protection team are experienced at calculating payments due, whether for individuals or in quantity; should any assistance in checking the indexation calculation be required, our advisers will be pleased to help.
Expert financial advice in high value cases is inherently complex. There are many aspects of such cases where expert help is a necessity. It is not as simple as it might first appear.
For an experienced, impartial view on periodical payments, personal injury trusts, investment of lump sums, and entitlement to state benefits, please telephone one of our specialist advisers on 0800 082 1216. We will be happy to have a no obligation discussion, or e-mail us at: PICOP@chasedevere.co.uk or visit our website at www.chasedeverepicop.co.uk.
The Financial Conduct Authority does not regulate deposit accounts, Personal Injury Trusts, Periodical Payment advice, Taxation and Trust advice