I wonder what the argument is for a single Director of the fund ('pension czar' or maybe 'pensions pope')? Maybe it's the Anglo-Saxon mindset, but I've have expected a Board of Directors, chaired by the good Cardinal, made up of financial and actuarial experts, most of them lay, some with experience of other pension schemes and not all o…
I wonder what the argument is for a single Director of the fund ('pension czar' or maybe 'pensions pope')? Maybe it's the Anglo-Saxon mindset, but I've have expected a Board of Directors, chaired by the good Cardinal, made up of financial and actuarial experts, most of them lay, some with experience of other pension schemes and not all of them necessarily Catholic - plus at least one representative of ADLV.
I'm completely ignorant of financial matters, but I also wonder whether the Vatican as a mini-state has to reproduce everything done by maxi-states? Could it negotiate an arrangement whereby its employees joined another larger pension scheme based outside Vatican City, into which they would pay and into which the Church would also pay its contribution as employer? That would both make the scheme less dependent on Vatican finances, and give reassurance to the employees that the Church was paying up-front, rather than hoping to meet the pension requirements from future revenues.
Probably. But the opportunities for graft are much less if they do that. A joke, but I feel I may not be far off the mark, especially when we see what happened with +Pell and +Becciu.
I wonder what the argument is for a single Director of the fund ('pension czar' or maybe 'pensions pope')? Maybe it's the Anglo-Saxon mindset, but I've have expected a Board of Directors, chaired by the good Cardinal, made up of financial and actuarial experts, most of them lay, some with experience of other pension schemes and not all of them necessarily Catholic - plus at least one representative of ADLV.
I'm completely ignorant of financial matters, but I also wonder whether the Vatican as a mini-state has to reproduce everything done by maxi-states? Could it negotiate an arrangement whereby its employees joined another larger pension scheme based outside Vatican City, into which they would pay and into which the Church would also pay its contribution as employer? That would both make the scheme less dependent on Vatican finances, and give reassurance to the employees that the Church was paying up-front, rather than hoping to meet the pension requirements from future revenues.
Probably. But the opportunities for graft are much less if they do that. A joke, but I feel I may not be far off the mark, especially when we see what happened with +Pell and +Becciu.