Oireachtas Joint and Select Committees
Thursday, 22 October 2020
Public Accounts Committee
2019 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 11 - Office of Minister for Public Expenditure and Reform
Vote 12 – Superannuation and Retired Allowances
Chapter 3 - Vote Accounting and Budget Management
Chapter 4 - Accounting for Capital Assets
Chapter 5 - Accounting for Allied Services
11:30 am
Mr. Robert Watt:
The last review we did showed that the actuarial value was around €100 billion. It had come down when pay was reduced and then it started to go up again when we recruited and pay started to increase following on from the end of the financial crisis. The actuarial cost will continue to go up and then it will start to come down. When this bulge of retirees works through the system over the next 20 to 25 years and the new people who are on the lower scheme come in, the cost will come down. In terms of the overall-----
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