Janet Brown comments on Orchestra voting for lower pay rise to up pensions
Members of the Royal Opera House orchestra have voted in favour of taking a lower pay rise to fund an improved pension scheme for new and future members, a decision that has struck a chord with experts.
The move could be seen as a positive example of intergenerational fairness in an economy often described as heavily skewed towards baby boomers and against millennials. Restoring this balance has become topical in the pensions industry and beyond.
Janet Brown, a partner at law firm Sackers, said the decision was a “really fascinating” development.
“Unions tend to be more focused these days on DB because that’s where the bulk of their members are… but actually the challenge for all of us is making DC work,” she said.
Read the full article in Pensions Expert (subscription required).