Vatican: Current and Future Pension Funds Are Secure

The Holy See's Managing Board and the College of Auditors issued a clarification on the Vatican's Pensions Fund.

A communique released today by the Holy See Press Office stated that "amplified reports regarding the situation of the Pension Fund warranted a message stating the "actuarial situation, assets and income of the Pension Fund."

"With regard to the actuarial aspect, there is a substantial balance between available resources and commitments to current and future employees, due also to interventions (approved by the Secretary of State following proposals by the Managing Board) both in terms of contributions (increase of rates throughout the years up to the current rate of 26% on the total of taxable income) and in relation to performance (increase of two years of working life, raising the age of retirement to 67 for laypersons and 72 for clergy and persons religious," the statement read.

The communique also stated that the economic and financial situation of the fund recorded a gradual increase from1993-2013, particularly during the last 6 years. The Managing Board and College of Auditors said that in those 6 years increased from € 23,583,882 to € 26,866,657 every year. These sums, the communique stated, are "sufficient to cover the current costs of pensions."

The complete numbers of assets of the Vatican's Pension Fund on December 31st, 2014 were at € 477,668,000. The communique stated that current estimates confirm "the real solidity of the Fund, which has progressed from an initial budget of 10 billion of the old Italian lire in 1993 to over 500 million euros in little more than twenty years."