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Pensions warning as Scotland’s accountants say pensions at risk

Following the publication of a new report from the Institute of Chartered Accountants of Scotland (ICAS), Fiona O’Donnell MP and Iain Gray MSP have warned that the SNP have failed to address key concerns about the future of pensions in an independent Scotland.

The damning report from ICAS, the body representing Scotland’s accountancy professionals, says that the White Paper does not answer key questions on independence. The report, which is highly critical of the lack of planning for payment of state, public and private pensions in an independent Scotland, also attacks the SNP White Paper saying:

Basic questions such as who would pay state pensions have not been answered;

-          “there remains no clear plan” for dealing with the problem of cross-border pension schemes first identified by accountants last year;

-          the transition period for cross border schemes suggested by the SNP is “wholly insufficient”;

-          that plans for shared pension regulation after independence are “questionable”.

Responding to the report, Fiona O’Donnell MP said:

“When Scotland’s accountants warn that pensions are at risk from Scottish Independence, we need to listen to them. This expert report exposes the White Paper for what it is; an uncosted wish list without a shred of credibility.

“The SNP tell us that everything will be fine on pensions, but ICAS are clear that there are no answers on who would be responsible for your state pension, funding the multi billion pound deficits or the future of the UK guarantee which protects Scottish savers.

Iain Gray MSP said:

“The SNP’s promises on pensions just don’t stack up. Scots are being offered a choice on pensions – believe the experts or believe the SNP. People in East Lothian know that the Nationalists will say and do anything to get us to vote for independence.

“The pensions system in the UK works well through the pooling of resources, where the risks are spread and the rewards shared across 60 million people. Why would we want to put the pensions of hard working Scots at risk?

 

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