Major bailout will be required for troubled teachers’ pension fund
The department is already paying €1.17 billion in superannuation lump sums and ongoing pension costs
Secret notes prepared for Mary Mitchell O’Connor show that the Department of Education is facing a pension time bomb that will require a major bailout of teachers’ retirement schemes.
The notes state that “should the number of retirements continue to increase at the current rate, the department will not be in a position to meet these costs within the allocation provided”.
The department is already paying €1.17 billion in superannuation lump sums and ongoing...
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