Vatican City: Pope Francis has appointed Cardinal Kevin Farrell as the Sole Administrator of the Vatican Pension Fund, emphasizing the urgent need for reforms to secure its long-term stability. In a letter addressed to the College of Cardinals and senior Vatican officials, released on November 19, 2024, the Pope highlighted the critical challenges facing the Fund and called for decisive action to ensure its sustainability.

Citing independent analyses, Pope Francis warned of a growing imbalance in the Fund that threatens its ability to meet pension obligations for future generations. “The current system is inadequate to sustain its commitments in the medium term,” he stated, underscoring the gravity of the situation.

The Pope described the appointment of Cardinal Farrell as a pivotal step in addressing these challenges, expressing confidence in his ability to lead this complex transition. While acknowledging the contributions of those who had previously worked on the Pension Fund, he noted the pressing need for “a new phase” to guarantee financial stability and fairness for Vatican employees.

Pope Francis acknowledged the moral responsibility of the Church to provide equitable and dignified pensions, a concern shared by his predecessors. However, he warned that the necessary reforms would require “difficult decisions” and called for a collective spirit of sensitivity, generosity, and sacrifice.

He urged unity and cooperation among Vatican institutions, stressing the importance of approaching the reforms with shared resolve and a commitment to intergenerational justice. “We must act now,” he wrote, “to implement structural measures that can no longer be delayed.”

The Holy Father concluded his message with a heartfelt appeal for prayers and solidarity during this critical period. He invited his collaborators to support this "unavoidable path of change" and work together to ensure the well-being of the Vatican community.