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| Scottish independence: Swinney says pensions would be 'fully protected' | Scottish independence: Swinney says pensions would be 'fully protected' |
| (about 4 hours later) | |
| Scotland's Finance Secretary John Swinney is set to tell a gathering in Glasgow that Scottish pensions would be fully protected after independence. | Scotland's Finance Secretary John Swinney is set to tell a gathering in Glasgow that Scottish pensions would be fully protected after independence. |
| He will speak on the issue during the Institute of Chartered Accountants Scotland Pensions Conference. | He will speak on the issue during the Institute of Chartered Accountants Scotland Pensions Conference. |
| Opposition parties said they were eager to hear what Mr Swinney would say. | Opposition parties said they were eager to hear what Mr Swinney would say. |
| Voters go to the polls on 18 September next year when they will be asked a single yes/no question: "Should Scotland be an independent country?" | Voters go to the polls on 18 September next year when they will be asked a single yes/no question: "Should Scotland be an independent country?" |
| Ahead of the meeting, Mr Swinney said: "Spending on social protection, which includes state and public pensions, is more affordable in Scotland than for the UK. | Ahead of the meeting, Mr Swinney said: "Spending on social protection, which includes state and public pensions, is more affordable in Scotland than for the UK. |
| "Bringing control of pensions in Scotland to the Scottish Parliament would ensure future pension policy is set in the interests of the Scottish population and takes account of key issues affecting Scotland." | "Bringing control of pensions in Scotland to the Scottish Parliament would ensure future pension policy is set in the interests of the Scottish population and takes account of key issues affecting Scotland." |
| He added that there would be a seamless transition for state pensions following a vote for independence. | He added that there would be a seamless transition for state pensions following a vote for independence. |
| However, Labour's Gregg McClymont said Scots deserved proper answers on how their pensions would be protected and how much it would cost to fund them if Scotland left the UK. | |
| He said: "The Financial Services Compensation Scheme (FSCS), the Pension Protection Fund (PPF) and The Pensions Regulator (TPR) together provide a UK wide firewall for Scots against the loss of pension savings. How a separate Scotland would provide the same level of protection remains unclear." | He said: "The Financial Services Compensation Scheme (FSCS), the Pension Protection Fund (PPF) and The Pensions Regulator (TPR) together provide a UK wide firewall for Scots against the loss of pension savings. How a separate Scotland would provide the same level of protection remains unclear." |
| The Institute of Chartered Accountants Scotland (ICAS) published a report last month titled Scotland's Pensions Future: What pensions arrangements would Scotland need? in which it suggested there could be "major cost and cash flow implications for employers" with deficits required to be paid off on the day of independence. | The Institute of Chartered Accountants Scotland (ICAS) published a report last month titled Scotland's Pensions Future: What pensions arrangements would Scotland need? in which it suggested there could be "major cost and cash flow implications for employers" with deficits required to be paid off on the day of independence. |
| Scottish Conservative finance spokesman Gavin Brown said: "Quite some weeks after the ICAS paper and many months after questions were raised by businesses, it would appear the Scottish government is finally ready to give some answers. | Scottish Conservative finance spokesman Gavin Brown said: "Quite some weeks after the ICAS paper and many months after questions were raised by businesses, it would appear the Scottish government is finally ready to give some answers. |
| "These are critical issues and people are understandably nervous about how pensions would work in a separate Scotland. | "These are critical issues and people are understandably nervous about how pensions would work in a separate Scotland. |
| "We are convinced the SNP hasn't done its homework on this and we believe strongly that pensions are best operated as part of a United Kingdom." | "We are convinced the SNP hasn't done its homework on this and we believe strongly that pensions are best operated as part of a United Kingdom." |
| The Scottish government is due to publish a paper in the near future on pension provision in an independent Scotland. | The Scottish government is due to publish a paper in the near future on pension provision in an independent Scotland. |