The setters with erudition pocketing pounds? It's merited! (4-6)

I believe the answer is:

well-earned

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'merited' is the definition.
(thesaurus)

I can't explain the remainder of the clue.

(Other definitions for well-earned that I've seen before include "Thoroughly deserved" , "Justified" .)

I've seen this clue in The Times.

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