Seán Fleming (Laois-Offaly, Fianna Fail)
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261. To ask the Minister for Public Expenditure and Reform if his Department have conducted an assessment of the future pension liabilities of the State, in respect of public service pensions and social protection entitlements; and if he will make a statement on the matter. [48435/14]

Brendan Howlin (Wexford, Labour)
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An actuarial valuation was carried out earlier this year by the Department of Public Expenditure and Reform to update the accrued liability in respect of Public Service occupational pensions.

The key result of the exercise is that the total accrued liability in respect of Public Service occupational pensions is now estimated at €98bn as at December 2012. This compares with the previous estimate of €116bn for 2009 which was arrived at by the Comptroller and Auditor General (C&AG). Therefore, over the three years from 2009 to 2012 the liability has fallen by €18bn or by 16%. The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement.

This figure of €98bn represents the present value of all expected future superannuation payments to current staff and their spouses in respect of service to December 2012, plus the liability for all future payments to current and preserved pensioners and to their spouses.  The pension payments to discharge this liability will therefore be spread over the next 70 years or so.

A report on the actuarial exercise is contained on the Department of Public Expenditure web site at .