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Moneyextra.com Dictionary
Earnings Cap
The earnings cap sets a ceiling on the contributions that can be paid to and the benefits that can be paid by tax approved pension schemes.
It generally applies to people who contribute to a personal pension scheme joined an occupational scheme set up since 14 March 1989 or joined any occupational scheme from 1 June 1989 which was set up before 14 March 1989. From 6 April 2001 the cap also applied to people who contribute to stakeholder pension schemes.
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