Thursday, 28 September 2017
Department of Employment Affairs and Social Protection
Social Insurance Fund Review
The Social Welfare (Consolidation) Act, 2005, as amended, makes provision for the carrying out of actuarial reviews of the Social Insurance Fund at five yearly intervals. The last actuarial review, as at 31 December 2010, was published in 2012.
The fourth actuarial review, as at 31 December 2015, is currently being undertaken by external consultants. The review will project the income and expenditure of the Fund over a 55 year period, taking into account policy, economic and demographic changes since the previous review was undertaken. In providing an assessment of the financial health of the Fund, the findings of the review will contribute to the development of policy for social insurance benefits generally.
In addition to examining options relating to State pensions, the review will examine the projected PRSI contribution rates required to provide individual benefits to Class S self-employed contributors on a revenue neutral basis.
The department is carrying out the review in consultation with a range of other relevant departments and bodies including the Department of Finance, the Department of Public Expenditure and Reform and the Central Statistics Office.
The report is in the final stages of preparation and I expect to be in a position to publish the results of the review by mid-October.