95% of pension funds say outlook for pensions still not clear in case of a ‘yes’ vote in Scotland

A recent poll by the National Association of Pension Funds (NAPF) of its members revealed that 95% still feel the outlook for workplace pensions, in Scotland and the rest of the UK, is not adequately clear in case of a ‘yes’ vote for Scottish independence.  

Workplace pension schemes based only in Scotland also showed a high level of concern with 85% saying that they felt the outlook for pensions was insufficiently clear in case of a ‘yes’ vote for Scottish independence.  

Respondents were asked to identify which of four topics require clarification most urgently in case of a ‘yes’ vote.  The area of most concern to all respondents was the regulatory regime (32%), closely followed by the issues of currency (31%), EU membership and regulatory implications (27%) and tax treatments (10%).  Currency was the issue of greatest concern to members based only in Scotland (45%).  

Joanne Segars, Chief Executive, NAPF, said: “More than a quarter of a million employees in Scotland are actively saving in pension schemes run by NAPF members, and our members provide retirement income for 330,000 pensioners in Scotland – combined that’s approximately 10% of Scotland’s population.    

“It is not the NAPF’s role to influence the outcome of the referendum, but we do have an interest in representing our members’ interests. And with less than 100 days to go until the Scottish independence referendum, it’s clear that the vast majority of our members are concerned by the uncertainty that will surround workplace pension schemes if there is a ‘yes’ vote.  

“It’s difficult to recall a time when UK workplace pensions have had more to deal with. The introduction of automatic enrolment and the 2014 Budget have generated unprecedented change – some of which is still to be determined. If there is a ‘yes’ vote in Scotland we will be calling on both Governments to make sure these issues are clarified during the transition period that will follow and to commit to a subsequent three year grace period to allow pension schemes to implement any changes.”  

ENDS  

 

Notes to editors:  

The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.  

NAPF members in Scotland have combined assets under management of around £70bn. More than a quarter of a million employees in Scotland are actively saving in pension schemes run by NAPF members.  NAPF members provide retirement income for 330,000 pensioners in Scotland.  

The member poll was conducted via the web from 4-14 April 2014 and was completed by 342 members across all UK regions.  

Contacts:  

Lucy Grubb, Head of Media and PR, NAPF, 020 7601 1726 or 07713 073023, [email protected] Eleanor Bennett, Press Officer, 020 7601 1718 or 07825 171 446, [email protected]