WORKPLACE PENSIONS AND REMUNERATION IN THE PUBLIC AND PRIVATE SECTORS IN THE UK

We estimate the changing value of workplace pensions in the UK and incorporate their value into an estimate of the public sector pay differential. Falling pension membership in the private sector and growing value of public service pensions led to a significant increase in the estimated public secto...

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Bibliographic Details
Published in:National Institute economic review 2016-08, Vol.237 (237), p.R30-R37
Main Authors: Cribb, Jonathan, Emmerson, Carl
Format: Article
Language:English
Subjects:
Analysis
Compensation and benefits
Defined benefit pension plan
Employee compensation
Employee pension plans
Indexation
Membership
Pension contributions
Pension plans
Pensions
Private sector
Public pensions
Public sector
Valuation
Wages
Workplaces
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Summary:We estimate the changing value of workplace pensions in the UK and incorporate their value into an estimate of the public sector pay differential. Falling pension membership in the private sector and growing value of public service pensions led to a significant increase in the estimated public sector pay differential from 1997 to 2009, even though headline pay grew faster in the private sector. From 2009 to 2012, although pay grew faster in the public sector, reforms to public service defined benefit pensions, particularly indexation to the CPI rather than RPI, significantly reduced the public pay differential.
ISSN:0027-9501
1741-3036
DOI:10.1177/002795011623700114