What does Section 10 of the Social Welfare Consolidation Act 2005 require?

Section 10 requires the Minister for Social Protection to commission regular actuarial reviews of the Social Insurance Fund. These reviews assess whether contribution income from PRSI is sufficient to meet the Fund's long-term obligations to pay social insurance benefits such as pensions, illness payments, and jobseeker's payments.

What happens after an actuarial review of the Social Insurance Fund is completed?

Once the review is completed, the appointed actuary must prepare a report for the Minister. A copy of that report must be laid before both Houses of the Oireachtas — the Dáil and the Seanad — within six months of the review's completion, ensuring transparency and parliamentary scrutiny.

What factors are considered in the actuarial review of the Social Insurance Fund?

The review examines whether PRSI contribution income is adequate to support current and future benefit payments. It also considers any other matters the Minister deems relevant, which may include demographic trends such as population ageing, employment levels, labour force participation rates, and changes to benefit or contribution rates.

Social Welfare Consolidation Act 2005 section 10

Q: How often must actuarial reviews of the Social Insurance Fund be carried out?

Each subsequent actuarial review must be completed within five years of the previous review's completion date. The first review was required to be completed by 31 December 2002. This ensures the Fund's long-term financial sustainability is examined on a regular and recurring basis.

Actuarial review

Section 10 requires the Minister to arrange regular actuarial reviews of the Social Insurance Fund to assess its long-term financial health and ability to meet benefit obligations.

The Minister must commission actuarial reviews of the Social Insurance Fund to assess whether the Fund can meet its long-term obligations to pay benefits and other outgoings.
The reviews must consider whether contribution income is sufficient to support current and future benefit payments, along with any other factors the Minister considers relevant to the Fund's financial position.
On completion of each review, a report must be prepared for the Minister, and a copy must be laid before both Houses of the Oireachtas within six months of the review's completion.
The first review was to be completed by no later than 31 December 2002, with each subsequent review to be completed within five years of the previous one.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member