Pensions - Articles - Increased devolution still means workplace pensions change

 "Although the ‘no’ vote means that independence is now off the agenda for Scotland, increased devolution will mean changes that affect workplace pension schemes and their sponsoring businesses,” says Kevin Legrand head of pensions policy, Buck Consultants at Xerox.

 He continues: “The crucial changes will be in respect of the new powers over the setting of tax rates, and possibly the devolution of greater spending control to Holyrood. Workplace pensions are closely tied to the tax system and any changes to that on both sides of the border will result in a growing divergence between the regimes on each side of the border.

 “This will become a consideration when planning the future shape of pension offerings, and as costs increase, it may in some cases lead to reduced quality of schemes for many members.”

 He concludes: “We cannot predict what the workplace pensions world will look like in five years’ time, but it will certainly be different from today’s.”