He said: "Overall £4.35bn has been taken out of the pensions environment, yet [what] we still don't know is whether people are prioritising short-term consumption above long-term income needs.
The Home Office, work and pensions, environment and international aid departments will have to make the biggest cuts to their running costs over the next two years to fund the chancellor's increase in capital spending.
And it's like other great issues – energy, pensions, the environment – that show our system is failing.
In percentage terms, the Treasury, the Cabinet Office, local government, and the culture, transport, justice, work and pensions and environment departments will all suffer cuts of over 7% in 2015-16.
Raj Mody, a PwC partner and its global head of pensions, said: "The challenging environment for pension funds is likely to endure for several years [but] companies and pension fund trustees should ask themselves if gilt yield measurements are still relevant for them when deciding how to measure and finance the deficit.
Other key policy areas – such as the environment, pensions or transport – have also been marginalised.
Concentrating on tax, crime, asylum seekers and the pound to please activists doesn't win support from men and women concerned about education, health, pensions or the environment.
Eight days ago, a YouGov poll found that the subjects people felt had not been properly discussed in the election campaign were, in order of priority, education, the environment, pensions and foreign affairs.
"Because their agendas dominate," he writes, "what rarely gets addressed comprehensively is what most people want: affordable health care, excellent schools, adequate pensions, a clean environment, and an economy that generates more and more well-paying jobs.
However, we already play that higher role in the best workplaces and in policy areas such as the environment, pensions, skills and health and safety, where common advantage is clear to all.
