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Public Service Pension Scheme Indexation and Revaluation 2020
25 February 2020
Type
Written Ministerial Statement
Department
Treasury
At a Glance
Issue Summary
The statement addresses the annual indexation and revaluation of public service pensions in accordance with legislative requirements.
Action Requested
Public service pensions will be increased by 1.7% from April 6, 2020, reflecting the Consumer Prices Index up to September 2019, except for recent recipients who receive a pro-rata increase. For career average schemes introduced in 2014-2015, revaluation rates are specified as either 1.7% for prices or 4% for earnings.
Key Facts
- Public service pensions will be increased by 1.7% from April 6, 2020.
- Revaluation for career average public service pension schemes introduced in 2014 and 2015 uses a measure of prices at 1.7% or earnings at 4% based on scheme regulations.
- The earnings element revaluation rate is 4%, determined by the whole economy year-on-year change in average weekly earnings up to September 2019.
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