This is the financial settlement that is agreed at the end of a case. Usually in two parts:
Lump sum – main amount made up of general damages, accommodation costs for life, loss of earnings, loss of pension, equipment costs for life, health care if appropriate for life, etc
Annuities or periodicals – an annual amount that is increased in line with inflation. Covers ‘running costs’ of a child’s home (i.e. utilities, insurance, etc). Also covers care, therapies, and ongoing costs.
Funds are usually paid into the Deputies account if appointed) within 28 days of the High Court Judge ‘rubber stamping’ (i.e. approving) financial settlement, minus any interim payments already paid out.