The PSF’s contribution to reward and recognition is unsurpassed, being used by individuals, institutions and national bodies. Its support for policy setting and strategic transformation is valued, as is its application to leadership, promotion, probation and professional development. As sector custodians of the PSF, Advance HE recognised that a review of the PSF was an imperative to ensure it retains currency and relevance to practice in an ever-evolving environment. The review process was independent, strongly sector led and evidence based. Comprehensive and repeated consultation facilitated a co-creative environment from which the PSF 2023 emerged. This report details that review process, and explores some of the most prominent changes to the revised Framework.