National Pensions Reserve Fund Act, 2000

PART III

National Pensions Reserve Fund

Establishment of National Pensions Reserve Fund.

18.—(1) There shall stand established, on the establishment day, a fund to be known as the National Pensions Reserve Fund, and in this Act referred to as the “Fund”, for the purpose of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until the year 2055, or such other subsequent years as may be specified in an order under section 20 (3).

(2) Subject to subsection (3), in each year, commencing in the year 2001 and continuing until the year 2055, there shall be paid by the Minister into the Fund from the Central Fund or the growing produce thereof, in equal quarterly instalments, a sum equivalent to one per cent. of Gross National Product.

(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 into the Fund referred to in subsection (2).

(4) The Minister may by order provide that, where the period for payment into the Fund has been extended under subsection (3), payment into the Fund in the period extended may, in any year, be less than one per cent. of Gross National Product.

(5) The Minister shall pay into the Fund from the Central Fund or the growing produce thereof such sums, additional to the sum referred to in subsection (2), as may be approved, from time to time, by resolution of Dáil éireann.

(6) The Fund shall be controlled and managed by the Commission acting through the Manager.

(7) Ownership of the Fund shall vest in the Minister.

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