Social Welfare Consolidation Act 2005

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Social Insurance Fund.

[1993 s7(1)]

9.—(1) The Social Insurance Fund (in this section and in section 11 referred to as “the Fund”), established under the Social Welfare Act 1952 and continued in being under section 7 of the Social Welfare (Consolidation) Act 1993 , shall continue in being and to comprise a current account and an investment account.

(2) The Minister shall manage and control the current account of the Fund.

(3) The Minister for Finance shall manage and control the investment account of the Fund.

(4) Save where otherwise specifically provided—

(a) sums payable into the Fund shall be paid into either the current account of the Fund or the investment account of the Fund, and

(b) sums payable out of the Fund shall be paid out of the current account of the Fund.

(5) Moneys standing to the credit of the current account of the Fund and not required to meet current expenditure shall be transferred to the investment account of the Fund.

(6) Whenever the moneys in the current account of the Fund are insufficient to meet the liabilities of that account, there shall be paid into that account from the investment account of the Fund the moneys necessary to meet those liabilities.

(7) Subject to subsection (6), moneys standing to the credit of the investment account of the Fund shall be invested by the Minister for Finance and income arising from any such investment shall be paid into that account.

(8) An investment under subsection (7) may be—

(a) in securities in which trustees are for the time being by law empowered to invest trust funds, or

(b) in any of the stocks, funds and securities which are for the time being authorised by law as investments for Post Office Savings Bank Funds.

(9) (a) The amount by which the income of the Fund for any financial year is less than its expenditure shall be paid into the Fund out of moneys provided by the Oireachtas.

(b) The income and expenditure of the Fund for a financial year shall be determined for the purposes of this subsection by the Minister on the basis that may be agreed on between the Minister and the Minister for Finance.

(10) Any sum payable into the Fund under subsection (9)(a) shall be paid in the manner and at the times as the Minister for Finance may determine.

(11) Accounts of the Fund shall be prepared in the form and manner and at the times the Minister for Finance may direct and the Comptroller and Auditor General shall examine and certify every account and a copy of every account, together with the report thereon of the Comptroller and Auditor General, shall be laid before each House of the Oireachtas.