Waterfold Business Park
Bury BL9 7BR
Nestor has unparalleled experience of periodical payments and has been asked to provide expert knowledge to shape developing case law. Professional feedback on our Periodical Payment Expert Witness Service is excellent and, on average, the firm has been asked to provide more than 150 expert witness reports every year for cases with a total value of more than £400 million.
Periodical payments provide an alternative to one-off lump sum awards for personal injury damages. They were introduced to address the issue of over or under-compensation associated with lump sums as a result of either a windfall for a client’s Estate following premature death or, conversely, a compromised level of claimant care after lump sum funds run out.
Periodical Payments v Lump Sum Payments
Periodical payments hold a number of benefits over the traditional lump sum payment option:-
- A Lifetime Guarantee – Periodical Payment Orders are designed to cover the claimant’s future needs for life – irrespective of life expectancy against inflation. Periodical payments are index-linked, so will increase each year in line with inflation.
- Security – Periodical payments are 100% protected under the Financial Services Compensation Scheme.
- Variability – Periodical payments may be constructed to take into account future deterioration in the claimant’s health.
- Tax-Free – The periodical payments are tax-free and will not affect the claimant’s entitlement to means-tested benefits.
- Removal of Investment Risk – The defendant has to meet the cost of the periodical payments and any inflation-linked annual increases. As a result, the need for the claimant to manage the investment of an equivalent lump sum award and the risks associated with that are removed
When to Instruct Nestor
The best time to bring our expertise to your cases are usually as a Joint Settlement Meeting looms, or as a result of a Direction given at a Case Management Conference.
Ideally, early involvement would be best. Even if liability is still live, attendance at Conference with the experts is useful as at least an indication of the level of liability will allow thinking to start about the best type of settlement – inclusive of PPs or traditional lump sum. From our point of view, such early involvement is a luxury, but it would help us to do our job better by adding value for your client – and the other side should pick-up the bill.
We have also prepared an ‘instruction letter’ which outlines the background information, documents and client requirements that we’d need in order for us to prepare our expert report.
Nestor Financial Group Limited (registered in England Number 08201442) is a wholly owned subsidiary of Chase de Vere IFA Group Plc and is authorised and regulated by the Financial Conduct Authority. A member of the Swiss Life Group, Registered Office: 60 New Broad Street, London, EC2M 1JJ. VAT Registration Number GB 855 3559 94.
Qualifications: Fully AFPC Qualified / Dip PFS
Key specialities: Expert PPO reports
Services offered: Expert reports, Evidence in Court