PENSIONS could be harmed by independence as future policy changes would add costs that would be passed on to people, the industry has said.
The National Association of Pension Funds (NAPF) wants answers from both the UK and Scottish Governments ahead of the referendum next year.
It welcomed the latter's recent document responding to concerns, particularly over EU rules which say cross-border schemes must be fully funded.
But it criticised uncertainty over how the pensions regime under Scottish independence would work, and substantial costs being passed on.
The report said people must know of any potential costs of independence, and that there should be a grace period and exemption on the cross-border pension to allow schemes to manage any transition.
The report says later Scottish Governments might change the policy. This could affect Scottish, English and Welsh schemes, at "significant costs."
Labour's Shadow Pensions Minister Gregg McClymont MP said: "Today's report exposes the huge pensions costs involved in breaking up the UK.
"Given the uncertainty about a separate Scotland's currency and membership of the EU, the sustainability of the SNP's pensions policies are open to question."
Cabinet Secretary for Finance John Swinney said "There is no doubt that we can afford a decent pensions system that guarantees dignity for our older people. Pensions will be fully protected in an independent Scotland."
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