Bankers' pay wasn't part of the Basel agreements, but lawmakers in the European Parliament insisted on limiting payouts linked to short-term profits because they were seen as driving bankers to take excessive risks in the lead-up to the crisis.

WSJ: EU Reaches Deal to Curb Bank Bonuses

The cost of paying such benefits, which are partly linked to inflation and offer payouts to surviving spouses, is simply too high now that many retirees are surviving into their 80s.

ECONOMIST: The great public-sector pension rip-off