The proposals to establish a National Pension Fund (NPF) in Scotland are conditional upon Scotland issuing its own currency.
The NPF must have the following objectives.
• To create a fund that will provide an earnings-related pension to all citizens.
• To build a fund that can be invested to support the development of the Scottish economy.
• The purpose of NPF investment is to support the transformation of the economy into a wellbeing economy and to build the productive capacity of the economy so that the needs of all our people can be met.
Pensions constitute future financial claims on the productive capacity of the economy. It is essential, therefore, that the pension savings of the working population are used to create the necessary productive capacity of the economy so that the future generation of workers can pay for the pensions of the current working population when they retire. This is the essence of inter-generational justice.