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Ages, chemical compositions, velocity vectors, and Galactic orbits for starsin the solar neighbourhood are fundamental test data for models of Galacticevolution. We aim to improve the accuracy of the Geneva-Copenhagen Survey databy implementing the recent revision of the Hipparcos parallaxes. The newparallaxes yield improved astrometric distances for 12,506 stars in the GCS. Wealso check the GCS II scales of T_eff and [Fe/H] and find no need for change.Introducing the new distances, we recompute M_V for 16,086 stars, and U, V, W,and Galactic orbital parameters for the 13,520 stars that also haveradial-velocity measurements. We also recompute stellar ages from the Padovastellar evolution models used in GCS I-II, using the new values of M_V, andcompare them with ages from the Yale-Yonsei and Victoria-Regina models.Finally, we compare the observed age-velocity relation in W with threesimulated disk heating scenarios to show the potential of the data. With theserevisions, the basic data for the GCS stars should now be as reliable as ispossible with existing techniques. Further improvement must await consolidationof the T_eff scale from angular diameters and fluxes, and the Gaiatrigonometric parallaxes. We discuss the conditions for improving computedstellar ages from new input data, and for distinguishing different disk heatingscenarios from data sets of the size and precision of the GCS.

The Geneva-Copenhagen Survey of the Solar neighbourhood III. Improved distances, ages, and kinematics