Is Humza Yousaf entitled to £52,000 a year for life after his resignation?

Published

1 year ago

May 13, 2024

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When Humza Yousaf resigned as Scotland’s first minister, questions were raised over what his pension would be.

Some on social media have claimed the 39-year-old is entitled to £52,000 per year for the rest of his life – and payments will begin immediately.

There’s just one problem: this isn’t true.

While such a pension scheme used to be in place, it was scrapped in 2009.

So what will he receive… and when?

When he reaches the Scottish Parliamentary Pension Scheme retirement age – which is currently 65 – Mr Yousaf will be entitled to up to around £2,600 per year for the period he served as first minister.

The former SNP leader is also entitled to further retirement payments from his time as an MSP and as a Holyrood minister.

A law introduced in 1999 said that “any person who has held the office of first minister or presiding officer shall, on ceasing to hold that office”, be entitled to a pension.

It added that “the annual amount of a pension payable under this article shall be equal to one half of the salary”.

But 10 years later, new legislation was passed that meant that anyone who became first minister after 2009 was no longer entitled to that type of pension.

The first minister of Scotland is currently paid £176,780 per year – but £72,196 of that amount is for their work as an MSP and would not be included in such a calculation.

If the old rules were still in place today, Mr Yousaf would have been entitled to a pension of £52,292, which is half of £104,584 – his additional pay for being leader.

But Mr Yousaf was elected first minister on 19 March 2023, so is not covered by the previous law. Instead, that part of his pension entitlement will be based only on his time in office up to his resignation on 7 May.

MSPs have two pension options which mean they can contribute either a higher or a lower proportion of their salaries each year.

If an MSP contributes the higher rate, they are entitled to one-fortieth of their final annual salary as a pension. If they contribute the lower rate, they are entitled to one-fiftieth of their final salary as a pension.

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Because Mr Yousaf served for just over a year as first minister, he will be entitled to a pension of either one-fortieth or one-fiftieth of £104,584. That would equate to around £2,600 or £2,100 per year, depending on which option he chose.

He will also be entitled to a pension for the years he serves as an MSP. Mr Yousaf was elected as a regional Glasgow MSP in 2011 and in 2016 became the Glasgow Pollok MSP, an office he still holds.

If he were to step down today after 13 years in Holyrood – assuming he had been paying the higher contribution for that entire period – he would be entitled to a little under £23,500 per year, which is added to his first minister pension.

Mr Yousaf is also entitled to further pension payments from his various ministerial roles.

He served as a minister for five years and nine months in the Scottish parliament and then as a Scottish secretary of state for four years and nine months. Combined, these entitle Mr Yousaf to another pension pot of a little over £7,200.

By the calculations on current figures, and assuming he has contributed the higher rate for all of his time as an MSP, Mr Yousaf is currently entitled to around £33,300 in yearly pension payments when he retires at, or beyond, age 65.

Politics

SEC’s Crenshaw says agency playing ‘regulatory Jenga’ with crypto

Published

5 hours ago

May 20, 2025

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SEC’s Crenshaw says agency playing ‘regulatory Jenga’ with crypto

The US Securities and Exchange Commission’s sole Democratic Commissioner has said the agency is “playing a game of regulatory Jenga” with its approach to the crypto industry and market regulation under the Trump administration.

In May 19 remarks at the SEC Speaks event, Commissioner Caroline Crenshaw cautioned against what she described as a dangerous dismantling of “discrete but interrelated rules” on crypto and the wider market.

She likened market stability to a “Jenga tower” that the agency’s rules had “carefully developed over the years,” which could topple if some rules were removed.

In addition to a lamentable loss of staff, Crenshaw said the SEC has used staff guidance to effectively reverse rules without proper analysis or public comment, particularly around crypto

“Our statements on these crypto-related issues are the equivalent of a wink and nod intended to convey that we do not plan to rigorously apply our laws in certain, specific situations.”

She added that the regulator has abandoned enforcement actions, especially in crypto markets, creating what she calls “regulation by non-enforcement.”

“I am deeply troubled by the Commission’s abandonment of swaths of our enforcement program,” she said.

Crenshaw, the SEC’s last remaining Democrat commissioner, said the agency’s “about-face” is problematic for a host of reasons, such as corroding its reputation in court, undermining its credibility, and casting doubt on the state of “longstanding and fundamental case law.”

Crenshaw, who had also opposed the SEC’s settlement with Ripple, said in her latest remarks that the 2022 FTX collapse was an example of what a “large-scale crypto crisis” can look like.

“Those risks have not gone away, but the calls for serious regulatory scrutiny are a lot quieter these days,” she said.

“Failing to appreciate and address these risks and complexities destines us to repeat hard lessons with high stakes as crypto becomes increasingly entangled with traditional finance.”

In comparison, remarks from the SEC’s Republican commissioners welcomed the agency’s embrace of the crypto sector.

Crypto was “languishing in SEC limbo”

SEC chair Paul Atkins said at the SEC Speaks event that “crypto markets have been languishing in SEC limbo for years,” adding that the agency should not be in the business of stifling innovation of crypto companies.

Commissioner Hester Peirce, who heads the SEC’s Crypto Task Force, said in remarks that the agency’s approach under the Biden administration has “evaded sound regulatory practice and must be corrected.”

She also claimed that crypto did not come under the purview of securities laws because “most currently existing crypto assets in the market” are not securities.

“Even if a broad swath of the crypto assets trading in secondary markets today were initially offered and sold subject to an investment contract, they clearly are no longer bought and sold in securities transactions. Many of these crypto assets are functional.”

Commissioner Mark Uyeda echoed the sentiment of his peers, stating that the SEC “should undertake efforts to provide assurances that regulation by enforcement will not be a tool used for future policymaking.”

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Politics

US Senate moves forward with GENIUS stablecoin bill

Published

6 hours ago

May 20, 2025

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US Senate moves forward with GENIUS stablecoin bill

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire.

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.

Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.

Government, United States, Stablecoin — *The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source:* *US Senate*

The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market — currently dominated by Tether (USDT) and Circle’s USDC (USDC).

The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.

Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and anti-money laundering provisions.

The bill was revised soon after to receive enough bipartisan support to proceed to a vote.

Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

DOJ is investigating Coinbase data breach— Report

Published

11 hours ago

May 19, 2025

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DOJ is investigating Coinbase data breach— Report

The US Department of Justice is reportedly conducting a probe over Coinbase’s contracted customer service agents in India, who accepted bribes in exchange for allowing criminals access to user data.

According to a May 19 Bloomberg report, DOJ investigators are looking into the data breach, which Coinbase disclosed to the public on May 15. The exchange reported that a group of customer support contractors — subsequently fired — “abused their access to […] systems to steal the account data for a small subset of customers.”

“We have notified and are working with the DOJ and other US and international law enforcement agencies and welcome law enforcement’s pursuit of criminal charges against these bad actors,” said Coinbase’s chief legal officer, Paul Grewal, according to Bloomberg.

Though “no passwords, private keys, or funds were exposed” according to Coinbase, the data breach resulted in social engineering attacks targeting users, including a Sequoia Capital partner, with losses estimated at up to $400 million. The attackers also attempted to extort $20 million from Coinbase in exchange for not disclosing the breach, which the company refused.

Backlash in the courts

The attempted social engineering attacks have resulted in Coinbase users filing several lawsuits against the exchange, alleging that the company mishandled their personal data. One user, a retired artist named Ed Suman, reported losing $2 million to the scammers.

Coinbase’s stock price fluctuated following the news of the breach and an unrelated probe from the US Securities and Exchange Commission over its reported “verified user” numbers. Cointelegraph reached out to Coinbase for comment but had not received a response at the time of publication.