ICAS is calling on the Scottish government to do more to clarify its position on the details of how pensions will be provided in an independent Scotland, saying it has failed to make clear how legacy issues will be resolved and new arrangements will be implemented.

In particular, ICAS says there is no clear plan as to how the Scottish and UK Governments will engage with the EU on how to minimise the impact of the cross-border funding rules on defined benefit schemes carrying deficits, which become cross-border schemes, in the event of independence.

ICAS says the proposed three-year transitional period for addressing pension deficits held by new cross-border schemes is likely to be 'wholly insufficient', as many UK employers currently fund scheme deficits over a much longer period.

In addition, the institute questions whether it will be feasible to have an independent Scotland sharing pension protection arrangements with the UK while establishing a separate pension regulator, and says sorting out whether an individual's entitlement to a state pension at the date of independence would sit with an independent Scotland or with the UK is likely to prove complex.

David Wood, ICAS executive director, technical policy and practice support, said: 'Everyone has concerns over whether or not they have the appropriate arrangements to provide for their retirement. ICAS has taken a neutral stance in the independence debate but we will continue to call for answers to important questions to ensure that the Scottish people are better informed.'