How does the pension I am building up keep up with the cost of living?

On 1 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.

The revaluation rates for 2020, 2021 and 2022 are shown below:

 Effective DateCARE Revaluation
1 April 20223.1%
1 April 20210.5%
1 April 20201.7%