The SNP would use “the wealth of Scotland” to fund its pension commitments if it becomes independent, according to Finance Secretary John Swinney.
The Better Together campaign has said Scotland is heading for a “pensions time-bomb” and challenged Mr Swinney to explain how he will fund pensions in a country where the number of elderly people is rising faster than the UK as a whole.
However, speaking at an event at General Register House, where Scotland’s population statistics are compiled, Mr Swinney pledged pensions will be “properly and fully funded” under independence.
“We would use the wealth of Scotland to support our commitments,” he said.
“Firstly, Scotland contributes more to the UK than we get back in return. In 2011-12 we contributed 9.9% of UK’s tax revenues and we got back 9.3% of UK expenditure.
“Secondly, social protection, which involves pensions, is a lower proportion of the Scottish budget than the UK 38% in Scotland and 42% in the rest of the UK.”
Labour shadow pensions minister Gregg McClymont has claimed there will be a £713 million annual “black hole” in Scotland’s pension pot with independence and Scotland would have to single-handedly plug a £9.8 million shortfall in university pension funds.
Institute of Chartered Accountants of Scotland consultant David Davison has also claimed “charities will potentially have to close” if they are forced to eliminate their pension deficits immediately after independence to meet EU rules.
Mr Swinney said: “The pensions issues the country faces today have not been created by independence, they have been created by the Union.
“Most of the problems in occupational pension schemes have been created by the £500 million per annum raid on pension funds that was put in place by Gordon Brown.
“So it really is the ultimate in hypocrisy for Labour and the No campaign to raise any issues about pensions, given that the UK Government have made an absolute mess of pensions in this country and presided over the creation of pensions deficits.
“Now clearly the Scottish Government is determined to put in place arrangements to ensure that pensions are properly and fully funded.”
Mr McClymont said: “In his wilful refusal to face reality on the pensions issue, John Swinney increasingly resembles a flat-Earther.”