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The Public Service Pensions Revaluation Order (Northern Ireland) 2023
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- Northern Ireland Statutory Rules
- 2023 No. 54
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Order)
Section 9 of the Public Service Pensions Act (Northern Ireland) 2014 (c.2) applies to pension schemes which, under that Act, require a revaluation of pensionable earnings, or a proportion of such earnings, accrued as a pension, by reference to a change in prices or earnings (or both) in a given period.
In relation to the period 1st April 2022 to 31st March 2023 inclusive, article 2 of this Order specifies an increase in prices of 10.1 per cent, based on a measure of the year on year change in the Consumer Prices Index to September 2022; and an increase in earnings of 7 per cent, based on a measure of the year on year change in average weekly earnings to September 2022.
This Order comes into operation on 1st April 2023 but for the schemes specified in article 1(3), this order will have effect from 6th April 2023.
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