The Social Insurance Fund, which is where PRSI payments go in to pay for social protection payments, including pensions, will be in deficit from 2034 and will need to be topped up by the Exchequer to the tune of €10 billion a year by 2050.

This shortfall is projected to rise to €16 billion a year by 2060 and €20 billion a year in 2070.

That is according to an actuarial review of the Fund in the report by the Comptroller and Auditor General.

The review was completed in September 2022 and reviewed the Fund’s position at the end of 2020 with projections out to 2076.

The subventions are what will be required in the absence of any changes to PRSI contribution rates.

Pensions comprised 73% of the Fund’s expenditure in 2022, but are expected to make up 80% in 2035 and 85% by 2050.

The Fund’s reserves were used up over the years of the financial crisis in 2008-2010. The Exchequer made subventions of €7.4 billion over the years 2010-2015.

By 2019, reserves of €3.9 billion had been built up but the Covid-19 pandemic saw them used up.

Another subvention of €2.6 billion was made in 2021. Receipts exceeded expenditure by €2.1 billion in 2022.