Thomas P. Broughan
Question:147 Mr. Broughan asked the Minister for Finance when the national pensions reserve fund will be established; the way in which the fund will be managed; and if he will make a statement on the matter. [15013/00]
Written Answers. - Pensions Reserve Fund.
Thomas P. Broughan
Question:148 Mr. Broughan asked the Minister for Finance the current size of the social welfare reserve fund; the likely size of this fund from 2001 to 2005; his own role in the administration of the fund; and the plans, if any, he has for its development and use. [15043/00]
I propose to take Questions Nos. 147 and 148 together.
The national pensions reserve fund will be established following the enactment of a Bill, to be published shortly, which will provide a statutory framework for the ongoing financing, management and investment of the fund. The fund will provide towards the cost of social welfare and public service pensions in the long-term. Detailed provisions on the way the fund is to be managed will be contained in the Bill.
Over £4 billion has already been set aside for pension funding and this money is being held in a temporary holding fund pending the enactment of the Bill to which I have referred and the establishment of the reserve fund. I am not in a position at this stage to give projections on the size of the fund from 2001 to 2005. This will depend on the level of contributions to the fund and on the investment returns achieved in the period. I do not envisage a role for the Minister for Finance in the administration of the fund.