Pensions in Scotland After independence

MK62

indiasign said:

MK62 said:

indiasign said:

Yes, because Scottish Widows will be nationalised, with any assets due to English pension funds seized and redistributed to Scots 😉

Unlikely.......more probable is a mass exodus of Scottish insurers to south of the border, where the majority of their customers are.......if not, well I wouldn't leave any of my pensions in a foreign country, and certainy not one run by the SNP......I suspect millions of other "rest of UK" pension holders might feel the same tbh.

I wasn’t entirely (or even remotely) serious 😂

You could be Ian Blackford for all I know.......

Scrudgy

If independence is gained, I’m leaving. Rwanda would seem more appealing than wee Jimmy Krankie running the country.

I had a yes campaigner knock at my door last time round. I asked about several things, to include what the plans were for embassy and consulate coverage for foreign travellers, funding for armed forces, plans for healthcare and pension provision, policing etc. the campaigner had no clue. Just asked that i vote yes and left.

OldBeanz

Ms Sturgeon is due to produce papers on the new currency, how they can borrow money without a banker of last resort, how their deficit will be reduced to EU levels, and every other economic aspect. I am sure pensions will benefit from parts of Glasgow having lower life expectancy than the Gaza Strip.
My breathe has never been so bated.

bostonerimus

The UK pays state pension to people resident in foreign countries already so it would be strange if they did not pay SP to residents of an independent Scotland if they had UK NI contributions. The difficulties would be around the details like hpw to deal with people with fewer than 10 years of NI at independence and whether payments to Scottish residents are index linked. Scotland would obviously have to develop it's own SP scheme. All this would require complex negotiations. The issues paying private pensions would probably be less than those encountered by retirees in the EU.

FYI after independence the SNP expects Scotland to be in the Common Travel Area with the UK and Ireland and will offer Scottish citizenship to anyone resident in Scotland at the time of independence. I'm watching this closely as I might well move to Scotland in the near future.

Ibrahim5

I moved my pension from Standard Life before the last referendum to make sure it was kept in England.

Preacher64

Fortunately it looks less likely to happen than ever thanks to the ongoing gross incompetence in the currently devolved areas. There will be no referendum next year and no “Yes” majority in the “de facto referendum” at the next GE so it looks like a moot point anyway.

Nicola Sturgeon’s actions have killed it stone dead and after the next GE it will be a genuine generation before the question will be tested again. 

ewaste

If there is "ongoing gross incompetence" in devolved areas what on earth is happening at Westminster 🤔🙃

bostonerimus

Maybe people could try to answer the question rather than commenting on Scottish Independence itself.

Emmia

Surely the answer would depend on post Yes vote negotiations?

If Scotland became independent, there would be wider issues e.g. around healthcare funding (I can't see free prescriptions lasting for example), taxation policy, armed forces,  police, education, all of which would need to be fully funded (after a short transition) by people/businesses in Scotland out of their sovereign tax revenue.

Scotland does quite well out of the current Barnett formula. Whether going solo would leave the same amount of money swilling around in the Scottish economy, and a different population life expectancy profile (for pensions specifically) after independence is anyones guess...

justwhat

Does it matter ...It will get paid somehow and will not just disappear. Cost of living rises on pension is another matter. (i assume the OP means state pension)

Lets just lets hope the fanatics don't get there way.