Circular 012/2026: CPI and the Police Pension Scheme 2015
Published 11 September 2026
© Crown copyright 2026
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This circular is issued in response to the recent consultation outcome regarding CPI alignment for the Police Pension Scheme 2015 published on 5 August. The government is in the process of drafting the necessary Regulations to enact this change from April 2027 and police forces should take action now to make the necessary arrangements to their pensions administration systems.
There is currently a misalignment between the Police Pension Scheme year (1 April to 31 March) and the tax year (6 April to 5 April), which can distort how pension growth is measured for tax purposes. As a result of this, different CPI values may be applied when calculating pension input amounts, which can artificially increase measured pension growth and lead to unexpected annual allowance tax charges for some members.
Aligning the revaluation date with the tax year would ensure that the same CPI value is used consistently in both pension calculations and annual allowance assessments, improving fairness, transparency, and predictability for members.
- Amendments will be made to the Police Pension Regulations 2015 to ensure the scheme revaluation date is moved from 1 April – 31 March, to 6 April – 5 April.
- HM Treasury have agreed to update their Revaluation Order to include the Police Pension Scheme for England and Wales within its scope, which is published each year.
- Amendments will not be made retrospectively but will apply prospectively to the 2015 scheme.
The Home Office will work with the National Police Chiefs’ Council (NPCC) to support with these changes.
This circular does not constitute legal advice. It is not a statement of law and is not intended to provide a comprehensive description or interpretation of the change.