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:
Yes. It will go up by that amount for the next 15 years or so, at which point it will peak and then it will start to come down. These are all sensitive assumptions on the rates of pay, longevity and the discount rates that we use. For example, if this low interest environment continues for another decade or 15 years, we will discount those future benefits and this low rate increases the present value of those benefits considerably. They are sensitive to changes in the discount rate, assumptions about mortality and the pay we assume for the future.
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