On 6 April each year the CARE pension that you have built up to the 31st March that year is revalued in line with Orders made by the Department of Finance. This ensures that your pension keeps up with the cost of living. The benefits built up in the Scheme are revalued based on the year to year change in the Consumer Prices Index figure to the previous September. The cost of living adjustment can go down as well as up.
From 1 April 2023 the date of revaluation changed from 1 April to 6 April to align with the tax year.
The revaluation rates for 2021, 2022 and 2023 are shown below:
|Effective Date||CARE Revaluation|
|6 April 2023||10.1%|
|1 April 2022||3.1%|
|1 April 2021||0.5%|