Jason Hollands, of Evelyn Partners, said: “There is no doubt that the cost of gold-plated public sector pensions has skyrocketed, with public pension liabilities estimated to be almost twice the national debt.

“This is a burden ultimately borne by all taxpayers, current and future, most of whom will be in far less generous defined contribution schemes where outcomes are uncertain.

“It’s a topic politicians seem reluctant to discuss, despite both doubts about its sustainability and the gaping divide in the UK between the public and private sectors.”

Fran Heathcote, PCS general secretary, said: “We believe this is an important debate because workers have suffered a catastrophic fall in living standards for decades, while executive pay has soared.

“Raising the wages of people on low and middle incomes increases economic demand because people spend their income in local economies. Raising the wages of those at the top, such as FTSE 100 executives, whose pay rose by 19 per cent last year, only means that they save more and often put it offshore.”

However, John Ralfe, a pensions consultant, warned that wages were not the only cost when granting pay rises.

He said: “If you calculate pay you have to factor in pensions and taxpayers pay about 25 per cent of the pay of teachers, the NHS and civil servants – far, far more than even the most generous pensions in the private sector.”