We need an overhaul of reward

The credit crunch has had a different effect on organisations depending on their sector, resulting in differing approaches to budgets, jobs and pay. The cuts and pay freezes have been writ large in financial services, manufacturing and retail, but pharmaceuticals, utilities and oil and gas are different, with above-inflation pay awards and little sign of major downsizing.
 

It’s untenable to have a normal retirement age in public-sector schemes that is significantly different from the state retirement age

Brian Bailey, Director of pensions, West Midlands Pension Fund and member of High Pay Commission