What will happen to my pension after independence?

Your pensions are 100% safe in an independent Scotland.

When Scotland votes for independence the distribution of existing UK liabilities and assets, including those related to pensions, will be negotiated. Scotland will fully pay its way in that. 

As figures for 2021-22 show, Scottish revenue was sufficient to cover all devolved day-to-day services, all social security, including state pensions, and public sector pensions.

Former UK government minister for pensions, Steve Webb, even confirmed that those who are in receipt of pensions, people  with accumulated rights would continue to receive the current levels of state pension in an independent Scotland. 

Arrangements for pensions will remain in place but be governed by Scottish institutions.

All existing consumer protection would remain in place with oversight of regulation by a Scottish Central Bank. Existing pension protections would continue but with continued alignment of regulatory structures the responsibility of the Scottish Parliament and not Westminster.

The current situation will be no different but what will be different is that we would be able to avoid the recurrent mistakes that Westminster has made over the decades that have adversely affected pensions and pensioners. Issues such as increasing the state pension age, plans to scrap TV licenses for over 75s, and both Labour and Tory governments raiding pension funds to pay for their costly policies.

Scotland will have the power to improve the level of pensions, rather than having, as the UK has, poverty rates for pensioners lower than in all north west European countries bar one.

With independence we can not only protect our pensions and pensioners from Westminster’s repeated incompetence but also build on that to improve conditions for today’s and future pensioners.