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07

Pensioners 'better off' in independent Scotland, SNP claims

Open-access content 11th July 2014

A vote in favour of Scottish independence will see pensioners £260 a year better off, Scotland’s deputy first minister claimed today.

Nicola Sturgeon said that, while Westminster was yet to 'come clean' on how much retirees on the new single tier pension would receive, it was estimated that the payment would be around £155 a week.

However, Sturgeon said she was 'making it clear' that new pensioners receiving the single tier pension in an independent Scotland, could expect to receive £160 per week - £5 more than if Scotland remained within the UK.

With less than two months to go before the September 18 referendum, the Scottish National Party has already promised that it would introduce a 'triple lock', which ensures an annual rise in the value of the state pension, by whichever of annual earnings growth, inflation or 2.5% is highest.

Sturgeon also reiterated the Scottish Government's pledge to review Westminster plans to increase the state pension age.

'Scotland has paid more tax per head than the rest of the UK for each and every one of the last 30 years - and spending on pensions is more affordable for Scotland,' she said.

'Figures show that 38% of Scottish tax revenues are spent on social protection, including pensions, compared to 42% for the UK as a whole.

'The Westminster parties cannot get away with hiding the truth from Scotland's older people. They must come clean about how much our new pensioners stand to lose as part of the UK.'

But speaking on behalf of pro-union Better Together campaign, Jackie Baillie, Labour's Holyrood spokeswoman for welfare, said: 'The Nationalists have no credibility on pensions given their plans rely on Scots dying earlier than people in the rest of the UK. The SNP's focus should be on improving people's wellbeing and life expectancy here in Scotland, rather than always blaming someone else.'

 

This article appeared in our July 2014 issue of The Actuary.
Click here to view this issue
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Topics:
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