Niall Collins (Limerick County, Fianna Fail) | Oireachtas source

As I described in the opening statement, back in 2009 there was an arrangement between the then Department of Education and Science and the Department of Public Expenditure and Reform to take over the liability for pensions in our university sector. Similar to any other civil or public servants when they retire, the obligation falls to have their pensions paid to them. Pensions are not funded, so there is not a pension fund per se. They, therefore, come out of current spending. The projected shortfall is approximately €147 million euros, which is also projected to rise by approximately €61 million in 2021 and €60 million in 2022, and to continue to rise. A deficit is building up if we do nothing.