Social Welfare and Pensions Act 2012

Social Insurance Fund.

18.— Section 9 of the Principal Act is amended—

(a) in subsection (4)(a), by inserting “subject to subsection (9)(f),” before “sums payable”, and

(b) in subsection (9), by inserting the following paragraphs after paragraph (b):

“(c) The Minister may, for the purpose of maintaining a sufficient amount of moneys in the current account of the Fund, having regard to the sums payable from the current account, request the Minister for Finance to advance moneys to the special account of the Fund from the Central Fund.

(d) A request under paragraph (c) shall be approved by the Minister for Finance, following consultation with the Minister for Public Expenditure and Reform before any moneys are advanced to the special account of the Fund pursuant to a request under that paragraph.

(e) For the purposes of moneys advanced to the Fund pursuant to a request under paragraph (c) an account (in this section referred to as the ‘special account of the Fund’) shall be established which shall be—

(i) in the name of the Minister, and

(ii) an account with the Paymaster General.

(f) The Minister shall, subject to such conditions as the Minister for Finance considers appropriate, manage and control the special account of the Fund for the purpose of maintaining an amount of moneys in the current account of the Fund that is sufficient to meet the sums payable from that current account.

(g) Subject to subsection (6), whenever the moneys in the current account of the Fund are insufficient to meet the sums payable from that account, there shall be paid into that current account from the special account of the Fund the moneys necessary to meet those sums payable.”.