What could Scottish independence mean for your pension?
The Scottish government has published details of how independence could affect pensions and other finances.

If Scotland voted ‘yes’ to Scottish independence, what could it mean for state pensions? Would you receive more if Scotland was independent? Over the last few weeks I’ve received a number of emails about Scottish independence from women who would like to know how it could affect them financially. The truth is that we don’t know what will happen, but here's what we know so far.

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New research shows that almost two thirds of women aged 25 - 34 haven't started to save for retirement
Women aged 25 - 34 want to retire on £29,000 a year, but think that a pot of £142,000 will provide that (it won’t!).

Yesterday I held my SavvyWoman retirement event and one of the speakers talked about how retirement – and saving for it – tends to be a lower priority for women than men. And while women aged 25 – 34 would like to retire on £29,000 a year, they underestimate how much they’ll need to save to retire on that amount.

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Cashing in a small pension fund: if you have a pension fund of less than £30,000 when can you cash it in?
When you can cash in a small pension fund and what you have to bear in mind.

If you’ve only ever saved a small amount in your pension you may be able to take the whole lot as cash, but it’s not guaranteed. The rules are a bit complicated and the language is definitely not user friendly. However, it’s worth understanding how the rules work as it could mean you have far more control over your pension - although it's also vital that you understand exactly what you'd be giving up. Here are the options if you have a small pension.

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The material provided on this website is general information that is intended for general guidance and is not suitable for professional advice.
You should always obtain independent financial advice.