Voting Yes to Scottish Independence will protect pensions

As reported on newsnet scotland Scottish Deputy First Minister has condemned UK Conservative Party plans, backed by Labour that would see cuts to payments for pensioners across Scotland. Attacking plans to accelerate the pension age to 67 and abolish savings credit the Deputy First Minister, Nicola Sturgeon said: 

"Labour and the Tories are singing from the same hymn sheet on pension cuts and it is only a Yes vote that will protect pensioners in future from these cuts.

"Scotland is a rich country which can well afford to fund out pension payments and an independent Scotland will give pensions and pensioners the priority they deserve. It is only with independence that all our pensioners will be protected from Tory cuts."

Scottish Government proposals post-independence would see pensions keeping up with the cost of living:

• Both the Basic State Pension and the Single Tier Pension for new pensioners will be increased by the Triple Lock -which means that pensions increase by average earnings, CPI inflation, or 2.5%, whichever of these is the highest.

• Pension Credit- that is support for poorer pensioners who do not get the full basic state pension, mostly women, will also increase by the Triple Lock- something the anti-independence parties are not committed to.

• Savings Credit- which provides additional support for poorer pensioners who have made some financial provision for their retirement- is being abolished by the anti-independence parties. We will maintain Savings Credit which is worth up to £18 per week for an individual and up to £24 for a couple.

• An independent Scottish Government will set the Single Tier Pension for new pensioners at £160 per week in 2016. The anti-independence parties have refused to say what level the STP will be but on the basis of past indications we estimate that it will be £5 per week or £260 per annum less than the Scottish Government commitment.

• Pension age has risen rapidly for women and is set to rise to 67 for men and women from 2026. The Scottish Government has said it does not accept the necessity of the rapid rise in the pension age to 67 and will establish a commission to examine the appropriate pension age according to Scottish circumstances.