The National Association of Pension Funds (NAPF) has responded to the result of the Scottish independence referendum announced on 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.”