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Dáil Éireann debate -
Wednesday, 7 Nov 2001

Vol. 543 No. 3

Written Answers. - Social Insurance Board.

Róisín Shortall

Question:

15 Ms Shortall asked the Minister for Social, Community and Family Affairs the progress to date on the establishment and operation of the social insurance board; and if he will make a statement on the matter. [26835/01]

The Programme for Prosperity and Fairness contains a commitment that the establishment of a social insurance board with representation from the social partners will be examined over the lifetime of the programme. As the Deputy will be aware, the social insurance fund is in a healthy financial situation at present. The surpluses which have been a feature of the fund since 1997 require careful management to ensure that they are used to best long-term advantage, having consideration for foreseeable demands on the fund's resources and for the overall interest of social insurance contributors. It was announced at budget time that the Minister for Finance and I will, during the course of this year, conduct an examination of possible strategies in this regard. In order to inform such an examination, my Department has engaged external consultants to conduct an actuarial review of the social insurance fund for the period from 2001 to 2056 and this work is already under way. This review will build on the findings of the 1997 review in relation to social insurance based pensions as well as dealing for the first time with short-term benefits. It is envisaged that the review will be completed by the end of this year.

The outcome of the review will inform short-to-medium and long-term policy development in relation to the social insurance system generally and the management of the social insurance fund resources. It will also directly feed into the examination of possible roles of a social insurance board and the social partners will be fully consulted as part of this process.

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