What can the Social Insurance Fund be used to acquire under Section 11 of the Social Welfare Consolidation Act 2005?

Under Section 11, the Social Insurance Fund may be used to pay for the acquisition of land, premises, furniture or equipment, or for the construction or reconstruction of premises. Once acquired, these assets are formally held by the Minister on behalf of the Fund, ensuring they remain linked to the Fund rather than becoming general government property.

Is consent required before spending from the Social Insurance Fund on capital assets?

Yes. No payment for any acquisition or construction from the Social Insurance Fund can proceed without the prior consent of the Minister for Public Expenditure and Reform. This acts as an independent financial check, ensuring that capital spending from the Fund is subject to proper budgetary oversight and control.

What happens when assets acquired under Section 11 are disposed of?

When assets purchased or built under Section 11 are no longer needed, the Minister may dispose of them. Any money received from the disposal must be paid back into the Social Insurance Fund. Consent from the Minister for Public Expenditure and Reform is also required before any disposal can proceed.

How does Section 11 protect the value of the Social Insurance Fund?

Section 11 safeguards the Fund by requiring ministerial consent for both acquisitions and disposals, ensuring proper financial oversight. Assets are held on behalf of the Fund, and all disposal proceeds must be returned to it. This preserves the Fund's value and prevents capital assets from being diverted away from social insurance purposes.

Social Welfare Consolidation Act 2005 section 11

Payments from fund for acquisition of land, etc

Section 11 sets out the rules governing spending from the Social Insurance Fund on physical assets such as land, premises, furniture and equipment, and the disposal of those assets.

The Social Insurance Fund may be used to pay for the acquisition of land, premises, furniture or equipment, or for the construction or reconstruction of premises, all of which are then held by the Minister on behalf of the Fund.
No such acquisition or construction payment may be made without the prior consent of the Minister for Public Expenditure and Reform.
The Minister may dispose of any assets acquired, constructed or reconstructed under this section, and any proceeds from the disposal must be paid back into the Fund.
No disposal of such assets may take place without the prior consent of the Minister for Public Expenditure and Reform.

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