Public service pensions bill rises to €129bn

THE total cost of paying public service pensions has risen to €129 billion despite government measures aimed at reducing the soaring pensions bill.

The bulk of the public pensions time-bomb has increased by 7.4% or nearly €9bn in one year, new figures reveal.

According to &C&AG, the rise in the public pension costs can be blamed on lower discount rates maintaining schemes as well as a rise in the numbers retiring.