National Pensions Reserve Fund Act, 2000

Payments from Fund to Exchequer.

20.—(1) The Commission shall not make any payment from the Fund to the Exchequer before the year 2025.

(2) Subject to this section, in each year, commencing in the year 2025 and continuing until the year 2055, the Commission shall make payments from the Fund to the Exchequer, upon the request of the Minister, in respect of social welfare pensions and public service pensions.

(3) The Minister may, after consultation with the Minister for Social, Community and Family Affairs, at any time, by order extend beyond the year 2055, the period for payment from the Fund referred to in subsection (2).

(4) The Minister shall, following consultation with the Commission and the Minister for Social, Community and Family Affairs, make rules under which payments from the Fund under subsection (2) shall be calculated during the relevant period.

(5) Without prejudice to the generality of subsection (4), rules under that subsection shall provide that payments from the Fund shall be calculated—

(a) by reference to the projected increase in the number of persons in the State who should have attained the age of 65 years, during the relevant period, as estimated by the Minister following consultation with the Central Statistics Office, and

(b) with a view to avoiding undue variations from year to year in the net Exchequer position arising from payments to and receipts from the Fund.

(6) Payment from the Fund to the Exchequer in any year shall not exceed the total Exchequer outlay on social welfare pensions and public service pensions in that year.

(7) The Minister may by order amend or revoke an order made under this section (including an order under this subsection).

(8) In this section “relevant period” means from the year 2025 until the year 2055 or such further period as extended by order made under subsection (3).