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VATICAN CITY - Pope Francis said on Thursday the Vatican 's pension fund is facing a "serious imbalance" that may require changes to its operating structure, and appointed a senior cardinal to take over the fund's administration.In an unusual letter sent to all the world's cardinals and to the leaders of the Vatican 's various offices, the pope did not quantify the scope of the issue.
In October, he ordered the third reduction in three years for the pay packages of the cardinals who lead the Vatican. He has also asked them to pursue a "zero deficit" agenda.The Vatican has not released a full budget statement in several years but is known to be facing a serious budget deficit.The Vatican's finance czar estimated in 2022 that the net liability of the pension fund for post-employment benefits amounted to some 631 million euros .
Vatican Retirement Pension Fund
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