An independent Scotland would seek for occupational pension schemes straddling the border to be jointly regulated with the United Kingdom, a commission for the Scottish Government has said.
Failing this, a national pension regulator and protection scheme would be set up, mirroring the current arrangements of the UK, the Sustainable Growth Commission outlined.
The commission - chaired by Charlotte St Partners founding partner Andrew Wilson and comprising 13 other members - was launched in September 2016 to consider the economic and financial implications of an independent Scotland, and make policy recommendations.
It recommends that the rules and practices of The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) would be adopted from inception "in the interest of stability and continuity" for both trust- and contract-based pension schemes.
However, a "limited base" would require its equivalent of the Pension Protection Fund (PPF) to "consider finding some further mechanism of guarantee".
In addition, a "carefully managed" and "not unduly burdensome" equivalent of the Financial Services Compensation Scheme (FSCS) would be set up, with the current UK levy system of financing "an obvious point of comparison".
The policies, revealed in Scotland - the new case for optimism: A strategy for inter-generational economic renaissance, could also see Scottish Infrastructure Bonds offered to institutional investors in addition to a "taxation treatment that promotes the long-term savings… required to encourage take-up" of pensions.
Aegon pensions director Steven Cameron said, in the event of Scotland having to set up its own pensions bodies, the system would become too complex.
"Financial services providers and pension schemes currently serve customers and scheme members across the whole of the UK," he said. "Were Scotland to become independent, that single market would be split into two with a need to make provision for Scottish regulation and customer protection measures.
"Separate regimes or approaches would act cost and complexity to providers and customers."
However, despite it being widely-expected, the paper failed to outline plans to pool Scottish local government pension schemes as has been done for the 89 schemes in England and Wales.
The report also suggests Scotland would expect to pick up the tab for at least some of a £118.3bn per capita share of unfunded and underfunded public sector pension liabilities as part of an agreement with the UK government.
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