Changes to the Annual Pension revaluation date
The Government recently announced that the Annual Revaluation date for Career Average Earnings CARE benefits within the Local Government Pension Scheme (LGPS) will change from 1 to 6 April each year.
Previously, on 1 April each year, pension accounts in respect of pension benefits built up after 1 April 2014 (your CARE Pension) were revalued in line with Consumer Price Indexing (CPI). The LGPS Regulations are being amended to change the revaluation date of pension accounts to 6 April each year.
This change is a positive change for members and designed to ensure that when measuring your pension growth in the year for annual allowance purposes, only the growth above inflation is being measured. We will provide information further for our members in our 2023 annual updates.
Further information on the consultation and decision can be found on GOV.UK's Annual Revaluation Date Change in the LGPS page.