A pension fund for Members of the European Parliament has a deficit of up to €326.2m, it has been reported.

Paperwork seen by German newspaper Bild, said that the fund, which closed to new members in 2009, held assets worth €146.4m at the end of 2016, at which point the fund’s liabilities stood at €472.6m.

The European Parliament will be responsible for the deficit if the fund does go bust, meaning it could be the European Union’s taxpayers who foot the bill.

According to Bild, the estimated date of insolvency is roughly estimated between 2024 and 2026, only possible if the fund’s assets manage to generate a 2 per cent return annually.

Founded in 1990, the fund has over 700 MEP members, with 145 set to retire by 2022, it has been reported. In 2009, the fund had a deficit of €120m.

The introduction of the EU Members’ Statute meant the fund was closed, and MEPs set to retire into the future will receive payments and a non-contributory pension from the EU Parliament’s budget.

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