Vatican pension fund is solvent, auditors assure

February 20, 2015

The managers of the Vatican pension fund have issued a public assurance that the fund is on a solid financial footing, counteracting fears that arose after Cardinal George Pell revealed that the fund would require an infusion of cash.

In a February 20 public statement, the Managing Board and the College of Auditors of the pension fund said that “there is a substantial balance between available resources and commitments to current and future employees.” The statement went on to say that the record of the fund in recent years demonstrates “the solidity of the assets and financial structure of the fund itself.”

Cardinal Pell, the prefect of the Secretariat for the Economy, had revealed that after he told a meeting of cardinals that the Vatican would need to put more assets into the pension fund, he took pains to reassure the prelates that no one’s pension income is in jeopardy. The future infusions of cash, the said, would be need to maintain the fund on its current solid footing.

 

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Further information:

• Communique from the Managing Board and the College of Auditors of the Vatican Pensions Fund (VIS)
• Vatican economics secretariat discovers $1.5 billion in unreported assets (CWN, 2/16)