earnings cap

earnings cap
1) The restriction on the amount of earnings which can be taken into account in calculating "remuneration" or "final remuneration" in determining the HM Revenue & Customs limits for an approved scheme.
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2) Also known as the pensions cap. A limit on the amount of remuneration by reference to which contributions to, and benefits from, tax approved pension schemes are calculated. It generally applies to people who contribute to a personal pension scheme, joined an occupational scheme set up since 14 March 1989, joined any occupational scheme from 1 June 1989 which was set up before 14 March 1989, or who contribute to stakeholder pension schemes. The earnings cap has been repealed by the Finance Act 2004, although there are transitional provisions that enable schemes to keep it in place until 5 April 2011.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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