Such as digitalisation, the internet economy, but also the weak position of an ever increasing number of people on precarious contracts who do not have the leverage to obtain wage rises? Yes, the weakness of wages does play a role, as does technology, but nobody knows precisely the scale of the impact of technology.
As such it will be necessary for all staff of the Bank to pay close attention to the costs and benefits of the different pension schemes which will become available as the pension sector opens up.