Generation Yes campaigners leaflet for the Scottish independence referendum on March 29, 2014 in Glasgow. Photograph: Getty Images.
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How close is the Scottish independence race?

The No side's average poll lead has fallen from 24 points in November to eight today. But the odds remain against the SNP. 

For those wanting to gauge the state of the Scottish independence race, today's polls present a particularly murky picture. A new Survation survey in today's Daily Record puts the Yes side 12 points behind (56-44, excluding don't knows), but a Panelbase poll has them trailing by just six (53-47). Even less helpfully, the discrepancy cannot be explained by methodological differences since both companies use weightings based on the 2011 Scottish election, rather than the 2010 general election. 

But despite the gulf in the figures, there are three common trends worth noting. The first is that the race has indisputably narrowed (whatever your pollster of choice). Back in November, the Yes vote stood at an average of 38 per cent, compared to 62 per cent for No. But so far this month, Yes is on 46 per cent with No on 54 per cent. The Unionists' lead has fallen by two-thirds from 24 points to just eight. This is despite the No campaign using what many regarded as its most potent weapon - the pledge to veto a currency union - and José Manuel Barroso's warning that it would be "extremely difficult, if not impossible" for an independent Scotland to join the EU. 

The second is that, for now at least, the Yes side's advance has stalled. The six-point gap shown by Panelbase is identical to that shown four weeks ago and the 12-point gap shown by Survation is a point higher than that in last month's poll. It's too early to say for sure, but the Yes vote may well have hit a ceiling. 

Finally, it's worth making the obvious but significant point that every poll continues to show the No side clearly ahead (as has been the case since the campaign started). While it's not impossible that this will change before 18 September, it is unlikely. A narrow defeat might allow the SNP to press for devo max (and even to revisit the independence question at some point) but a defeat it will be. 

George Eaton is political editor of the New Statesman.

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: products-and-investments/ pensions/pensions2015/