Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
Link to this: Individually | In context

Question 1042: To ask the Minister for Social and Family Affairs when the second actuarial review of the social insurance fund, provided for under Section 17 of the Social Welfare Act 1998, will be published. [29861/06]

Séamus Brennan (Dublin South, Fianna Fail)
Link to this: Individually | In context

The Social Welfare (Consolidation) Act, 2005, requires that the Minister undertake an actuarial review of the financial condition of the social insurance fund at five-year intervals. The first actuarial review, as required under this legislation, was published in October, 2002, and reflected the position of the Social Insurance Fund at the end of 2000.

A request for tender inviting interested parties to undertake a further review was issued in June 2006. The focus of the Review is the income of the Fund (including the accumulated surplus), the contributory pensions and benefits paid from the Fund, including non-cash benefits (household benefits package) and other payments (redundancy and insolvency payments). The period covered by the Review will be 55 years (from 2006 to 2061).

Following an evaluation process, a preferred bidder was selected from among the tenders received by the closing date 2 August 2006 and contractual arrangements are now being finalized. The review will take approximately six months to complete and it is expected that the report will be published during the summer of 2007.