Phil Hogan
Question:45 Mr. Hogan asked the Minister for Finance when the two Pension Fund Bills will be published; and if he will make a statement on the matter. [14207/00]
Written Answers. - Proposed Legislation.
Legislation is currently being prepared by my Department which will provide for the establishment, financing, investment and management of a national pensions fund. It is envisaged that the fund will help finance the Exchequer cost of social welfare and public service pensions over the long term. The legislation will provide a statutory obligation to pay a sum equivalent to 1% of GNP from the Exchequer into the fund each year and will enable further additional sums to be allocated to the fund from time to time following Dáil approval. It will also provide for the transfer into the fund of money currently held in the temporary holding fund for superannuation liabilities, which amount to over £4 billion. The legislation will contain provisions regarding investment policy, future drawdown of the fund, management structures and accounting and reporting requirements.
The National Treasury Management Agency will have a significant role in the management of the fund and my Department has had detailed discussions with the agency on all aspects of the legislation. Considerable progress has been made and I expect to be in a position to introduce a Bill in the House before the summer recess.