What effects do the maximum pay limits that came into force on 1 January 2013 have on the pay of housing association directors? Based on non-index-linked data for 2011 it emerges that 99.4% of the directors in the sample are required to adjust their gross pay downwards in order to comply with this Regulation. The average loss of income, based on the data for 2011, amounts to €68,324 gross, a decrease of 40.6%.