Care Revaluation Order 2023
Date published:
Last updated:
The Department of Finance has made an Order to provide for the revaluation of Career Average Revalued Earnings (CARE) benefits in public service pension schemes.
The Order is used by schemes to revalue active member benefits according to the process set out in their scheme regulations. Active member benefits are reviewed each year with reference to the annual changes in prices or earnings. For 2023 the annual change in prices (CPI) is 10.1% and for earnings the figure is 7%. The revaluation has effect from 1 April 2023, or from 6 April 2023 for those schemes who have amended their revaluation process accordingly for 2023.