- Latest available (Revised)
- Original (As made)
The Public Service Pensions Revaluation Order 2024
You are here:
- UK Statutory Instruments
- 2024 No. 290
- Whole Instrument
- Previous
- Next
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
2024 No. 290
PUBLIC SERVICE PENSIONS
The Public Service Pensions Revaluation Order 2024
Made
4th March 2024
Laid before the House of Commons
5th March 2024
Coming into force
1st April 2024
The Treasury make the following Order in exercise of the powers conferred by section 9(2) and (3) of the Public Service Pensions Act 2013(1).
Citation, commencement, extent and effect
1.—(1) This Order may be cited as the Public Service Pensions Revaluation Order 2024 and comes into force on 1st April 2024.
(2) This Order extends to England and Wales, Scotland and Northern Ireland.
(3) Subject to paragraph 4, this Order has effect from the beginning of 1st April 2024.
(4) This Order has effect from the beginning of 6th April 2024 in respect of schemes established by—
(a)The Local Government Pension Scheme Regulations 2013(2);
(b)The Local Government Pension Scheme (Scotland) Regulations 2018(3);
(c)The National Health Service Pension Scheme Regulations 2015(4);
(d)The National Health Service Pension Scheme (Scotland) Regulations 2015(5).
Revaluation by reference to change in prices or earnings
2. For the purposes of section 9(2) of the Public Service Pensions Act 2013 (revaluation), in relation to the period beginning with 1st April 2023 and ending with 31st March 2024—
(a)the change in prices is an increase of 6.7 per cent;
(b)the change in earnings is an increase of 7.7 per cent.
Scott Mann
Amanda Milling
Two of the Lords Commissioners of His Majesty's Treasury
4th March 2024
Explanatory Note
(This note is not part of the Order)
Section 9 of the Public Service Pensions Act 2013 (c. 25) (revaluation) 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 from 1st April 2023 to 31st March 2024 inclusive, article 2 of this Order specifies an increase in prices of 6.7 per cent, based on a measure of the year on year change in the Consumer Prices Index to September 2023; and an increase in earnings of 7.7 per cent, based on a measure of the year on year change in average weekly earnings to September 2023.
This Order comes into force on 1st April 2024 but, for the schemes specified in article 1(4), this Order will have effect from 6th April 2024.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
Options/Help
Print Options
PrintThe Whole Instrument
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.