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Sean MacEntee
World News

Vatican pension fund is safe, urge bosses

Australian Cardinal George Pell had said the fund would need an injection of assets if it was to remain viable, raising concerns the money could be in jeopardy.

Now the fund has issued its first ever public accounting to combat what it called 'alarmist information'.

Managers have rejected Cardinal Pell's suggestion that the money could start to run out in 15 years stating there is a 'substantial balance' between income and outgoings.

They stressed that 95% of the fund's future costs were already covered.

In a statement they added that steps had already been taken to secure the long term future of the pension fund including raising the retirement age and contributions.

The fund should top 500 million euros by the end of this year, they added.

Cardinal Pell is in charge of sorting out the Vatican's finances after what was seen as years of mismanagement.

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