HM Revenue & Customs (HMRC) has set the 2009/10 notional earnings cap at £123,600. In a statement HMRC said: “To help the pensions industry with the transition into the new pensions tax regime, and in particular those schemes whose rules still restrict benefits by reference to the earnings cap, HMRC agreed to publish details of a notional earnings cap setting out what the earnings cap would have been had it still been in existence, each year until 2011.”  

View the full statement.