The National Association of Pension Funds (NAPF) has responded to the result of the Scottish independence referendum announced today (Friday).
Joanne Segars, Chief Executive of the National Association of Pension Funds, commented:
“On 18 September the people of Scotland voted for Scotland to remain part of the UK. This brings to a close a period of intense speculation and debate, much of which has focused on the issue of pensions. But while the referendum may have passed, the changes and challenges facing pension funds are still very much here.
“The Prime Minister today announced that Lord Smith of Kelvin will oversee the process to take forward devolution commitments with powers over tax, spending and welfare all to be agreed by November and draft legislation published by January. We will be keeping a close watch on this process as any changes may well have a material effect on pensions.
“And let’s not forget that the changes announced in the Budget earlier this year will be implemented in only a few months’ time. Our members are working hard to ensure their scheme members can make good choices to make best use of these new freedoms.
“The NAPF will continue to represent our members’ and their scheme members’ throughout the UK, and we will continue to work with both the Holyrood and Westminster governments to make sure that any changes introduced to pensions are workable for pension schemes and pension savers.”
Notes to editors:
The Scottish independence referendum took place on Thursday, 18 September 2014.
The NAPF is the voice of workplace pensions in the UK. We speak for over 1,300 pension schemes that provide pensions for over 17 million people and have more than £900 billion of assets. We also have 400 members from businesses supporting the pensions sector.
We aim to help everyone get more out of their retirement savings. To do this we promote policies that add value for savers, challenge regulation where it adds more cost than benefit and spread best practice among our members.
NAPF members in Scotland
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.
Lucy Grubb, Head of Media and PR, NAPF, 020 7601 1726 or 07713 073023, [email protected]
Eleanor Bennett, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]