keep Percentage increase of the amounts of relevant debits or credits for the specified tax years
The State Pension Debits and Credits (Revaluation) Order 2023 provides inflation-linked revaluation percentages for state pension debits and credits under the Pensions Act 2014. It ensures that pension sharing upon divorce or separation maintains its real value by adjusting for inflation across tax years. The Order applies to England, Wales, and Scotland, coming into force December 2023 for advance claims and April 2024 for general purposes.
This is a mechanical inflation-adjustment mechanism that preserves the real value of pension credits (e.g., Carer's Credit) and debits. Without revaluation, accumulated pension rights would erode in purchasing power over time, harming individuals who relied on credits for periods away from work (caring, illness, unemployment). Deletion would create systemic unfairness and administrative dysfunction in pension sharing, with beneficiaries receiving less than they earned. This is not EU-derived bureaucracy but a basic actuarial requirement for any functioning pension system.