Is fixed on 1st January each year for the following twelve months and is the annual rate of basic salary payable on that 1st January. All other kinds of emolument including overtime, awards and bonus payments are excluded from Pensionable Salary. Your Pensionable Salary each year must not exceed the Earnings Cap which applies on that 1st January. If you do not have a salary at 1st January, your Pensionable Salary will be the salary which applies to you on the first day or your employment. If you are on maternity/paternity or adoption leave on 1st January, your Pensionable Salary will be the basic salary you would have been receiving had you not been on maternity/paternity or adoption leave.