Politics

Public service pensions liability jumps to €175bn

Paschal Donohoe has described the €26 billion increase since 2018 as ‘undoubtedly large’ but said that it would be paid out over the next 70 years

Paschal Donohoe, minister for public expenditure: ‘It is also important to highlight that a number of significant steps have been taken to improve the long-term sustainability of public service pensions.’ Picture: Julien Behal Photography

The cost of funding the state’s public service pensions over the coming decades has jumped substantially to €175 billion, according to new figures released by the Department of Public Expenditure.

An actuarial review of public service pension liabilities is carried out every three years to assess the state’s liabilities on future public sector pension costs. The latest review published today is estimated up to the end of 2021, and shows a €26 billion jump from ...