In part 3.1 we refer to the Law Commission’s proposals to replace the current perpetuity rules with a single period of 125 years. A Bill to implement these recommendations was introduced into the House of Lords on 1 April 2009. Its progress can be traced at the following link:
http://services.parliament.uk/bills/2008-09/perpetuitiesandaccumulations.html

Clause 5 of the Bill provides a single perpetuity period of 125 years that will apply in most cases. However, under clause 15 the Act will have only prospective effect meaning that the current rules will continue to apply to instruments that take effect before the commencement of the Act. The current rules, as we have seen in part 3.1 already differ according to whether the instrument takes effect before or after the commencement of the Perpetuities and Accumulations Act 1964. Prospective application is a common feature of property law reform. It is the nature of property rights that they are enduring and interferences with existing rights risk a challenge under the Human Rights Act 1998 as being incompatible with article 1 protocol 1 of the ECHR (for a full discussion of which see chapter 5). This human rights concern is noted in evidence given to the Committee of the House of Lords by Dr Charles Harpum, Law Commissioner at the time of the publication of the Law Commission’s report (see para 18 of his evidence, accessible at the link above). However, the effect of prospective application, as noted by Mr Trevor Aldridge QC (Dr Harpum’s predecessor as Law Commissioner) in his evidence to the Committee, is that the current law will remain relevant until at least 2089.