The chief executive of the National Treasury Management Agency has described the pension fund for people employed in the public service and social welfare groups as 'a time-bomb'.
Michael Somers said Ireland was building up huge liabilities, which it would not be able to meet. He was addressing the Public Accounts Committee, which is considering the 2001 accounts of the NTMA.
The chairman of the National Pensions Reserve Fund Commission, also before the PAC, earlier provided support for this concern, saying that between 2001 and 2056 there would be a 70% increase in the number of pensioners.
Donal Geaney said that at present Ireland had five workers to every pensioner, but that by 2056 that ratio would be two to one.
