Member

There is some evidence—we did some work on this at the Resolution Foundation, where I work—that pay, including the pay of people who were not members of the closed pension scheme, fell in companies that were busy raising revenues to plug deficits. There was a sacrifice, which is hidden in some of the statistics, because all these pension contributions count as a return to labour, so it appeared as a return to labour. Meanwhile, however, one group of employees were enjoying none of the benefits of that return to labour, and if anything were experiencing the opposite: their pay being lower than otherwise.