National Pensions Reserve Fund Act, 2000

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Functions of Commission.

6.—(1) The functions of the Commission shall be—

(a) to control, manage and invest the assets of the Fund in accordance with the Fund investment policy,

(b) to authorise payments from the Fund to the Exchequer and such other payments from the Fund as may be required for the purposes of this Act,

(c) from time to time to determine the investment strategy for the Fund in accordance with the Fund investment policy, which shall include appropriate benchmarks, against which the investment return of the Fund can be assessed, and the classes of assets in which the Fund may be invested, including, without limiting the generality of the foregoing, such derivative or other financial instruments as the Commission may deem appropriate, but not including Irish Government securities,

(d) to monitor and review implementation of the investment strategy including performance against the benchmarks set therein,

(e) to appoint investment managers to invest and manage portions of the Fund,

(f) to appoint custodians for the assets of the Fund,

(g) to determine an annual budget for the administration costs to be charged to the Fund,

(h) to commission, from time to time, independent valuations of the assets of the Fund, and, after consultation with—

(i) the Minister, assessments of the projected profile of Exchequer outlays on public service pensions, and

(ii) the Minister and the Minister for Social, Community and Family Affairs, assessments of the projected profile of Exchequer outlays on social welfare pensions,

(i) to commission, from time to time, independent assessments of the investment performance of the Fund,

(j) to submit annual reports to the Minister,

(k) to keep proper books of account and to prepare and submit to the Minister annual accounts of the Fund.

(2) The Commission may also—

(a) contract options and other derivative financial instruments for the Fund,

(b) open and maintain bank accounts for the Fund, including accounts in currencies other than the currency of the State,

(c) borrow or lend securities, including, but not limited to, equity and debt instruments,

(d) accept bequests and donations for the benefit of the Fund, provided that any conditions attaching to such bequests or donations are not inconsistent with this Act or otherwise contrary to law,

(e) engage, from time to time, consultants and advisers and other service providers as are necessary or expedient for the performance of its functions.

(3) The Commission shall have all such other powers as are necessary or expedient for the performance of its functions.

(4) The Commission shall at all times exercise due care, skill, prudence and diligence, acting in the utmost good faith, in the discharge of its functions under this Act.

(5) The Commission shall perform all its functions through the Manager, except the appointment of the Manager under section 21 and the engagement of auditors to audit the Manager under section 22 (6).

(6) Without prejudice to the responsibility of the Commission for the functions conferred on it under this Act, the Commission may delegate to the Manager any of its functions as it considers appropriate or expedient for the purposes of this Act.