The Holy See pension fund had an unfunded liability of almost 1.5 billion euros a decade ago, according to internal Vatican financial reports obtained by The Pillar.
The same documents show that Vatican financial authorities proposed measures to address the pension problem in 2015, while sources say that “virtually nothing” was done to implement those measures in the intervening years.
Meanwhile, the fund has continued into the red, in line with the Holy See’s broad financial crisis, raising serious doubts about the Vatican’s ability to pay the pensions of lay and clerical employees.
The Vatican has not confirmed the size of the current unfunded liability, but Vatican financial officials warn that the situation has only deteriorated in recent years.
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