Citation, commencement and effect

1. —(1) This Order may be cited as the Public Service Pensions Revaluation Order 2023 and comes into force on 1st April 2023.

(2) Subject to paragraph 3, this Order has effect from the beginning of 1st April 2023.

(3) This Order has effect from the beginning of 6th April 2023 in respect of schemes made under:

(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 ); or

(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 on 1st April 2022 and ending on 31st March 2023—

(a) the change in prices is an increase of 10.1 per cent; and

(b) the change in earnings is an increase of 7 per cent.