Public pension bill rises to €114.5bn

The estimated cost of public service pensions to the State has risen to €114.5bn — an increase of 17% or €16.5bn in three years.

The estimated cost of public service pensions to the State has risen to €114.5bn — an increase of 17% or €16.5bn in three years.

Finance Minister Paschal Donohoe said an actuarial review of the State’s accrued liability of retirement benefits for current and former staff estimated a figure of €114.5bn as of December 2015.