Regulation 5 Earnings Cap

For regulation D3 of the Principal Regulations there shall be substituted—

“Earnings Cap

D3

(1)

Where in respect of any person who became a participant in the principal scheme on or after 1st June 1989, his annual salary—

(a)

as a Member of the House of Commons; or

(b)

as an office holder; or

(c)

as both (a) and (b) cumulatively

exceeds the permitted maximum, the contributions deducted from that annual salary shall be limited to the appropriate percentage (as defined in regulations D1 and D2) of that permitted maximum and where sub-paragraph (c) applies his contributions under regulation D2 shall be reduced before his contributions under regulation D1.

(2)

For the purpose of this regulation, a person’s annual salary as a Member of the House of Commons is a Member’s ordinary salary and a person’s annual salary as an office holder is his salary as defined in regulation D2(2).”.