Social Welfare (Occupational Injuries) Act, 1966

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Occupational Injuries Fund.

37.—(1) There shall be established a fund (to be called the Occupational Injuries Fund) comprising a current account, to be managed and controlled by the Minister, and an investment account, to be managed and controlled by the Minister for Finance.

(2) (a) Notwithstanding any provision to the contrary, occupational injuries benefits, together with any other payments which under this Act are payable out of the Occupational Injuries Fund, shall be paid out of the current account of that Fund, and, for the purpose of providing the moneys for meeting the expenditure on such benefits and other payments, employment contributions paid into the Social Insurance Fund consequent upon subsection (2) of section 36 of this Act and increases of employment contributions so paid consequent upon subsection (3) thereof shall be paid out of that Fund to the current account of the Occupational Injuries Fund.

(b) The following sums paid out of the Social Insurance Fund shall be repaid to that Fund out of the Occupational Injuries Fund:

(i) sums paid by way of disability benefit in respect of incapacity for work arising out of an occupational accident, or a disease or injury prescribed for the purposes of section 23 of this Act, to a person who is entitled to disablement benefit in respect of such accident, disease or injury,

(ii) sums paid, in respect of any period commencing not earlier than the appointed day, by way of disability benefit in respect of incapacity for work arising out of an injury or disease, being sums paid to a person who is or has been on or after the 1st day of October, 1965, entitled to weekly payments of compensation under the Workmen's Compensation Acts in respect of such injury or disease.

(3) Moneys standing to the credit of the current account of the Occupational Injuries Fund and not required to meet current expenditure shall be transferred to the investment account of that Fund.

(4) Whenever the moneys in the current account of the Occupational Injuries Fund are insufficient to meet the liabilities of that account, there shall be transferred to that account from the investment account of that Fund such sums as may be necessary for the purpose of discharging those liabilities.

(5) Subject to subsection (4) of this section, moneys standing to the credit of the investment account of the Occupational Injuries Fund shall be invested by the Minister for Finance and income arising from any such investment shall be paid into that account.

(6) An investment pursuant to subsection (5) of this section may be in any securities in which trustees are for the time being by law empowered to invest trust funds or in any of the stocks, funds and securities as are for the time being authorised by law as investments for Post Office Savings Bank Funds.

(7) Accounts of the Occupational Injuries Fund shall be prepared in such form, in such manner and at such times as the Minister for Finance may direct and the Comptroller and Auditor General shall examine and certify every such account and a copy thereof, together with the report thereon of the Comptroller and Auditor General, shall be laid before each House of the Oireachtas.

(8) There shall be recoverable from the Occupational Injuries Fund at such times and in such manner as may be directed by the Minister for Finance—

(a) expenses of the Minister (determined on such basis as he considers proper) relating to the extension pursuant to this Act of social insurance, and

(b) expenses of any other Minister (determined on such basis as may be agreed upon between him and the Minister) relating to that extension.

(9) Moneys received pursuant to subsection (8) of this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

(10) In estimating expenses for the purposes of subsection (8) of this section, there shall be included such amount as, in the opinion of the Minister for Finance, represents the amount of the accruing liability in respect of any superannuation or other retiring allowances, lump-sums or gratuities accruing in respect of the employment of any officer or other person for the purposes of this Act.

(11) (a) During the period of two years beginning on the appointed day, the Minister for Finance may, out of the Central Fund or the growing produce thereof, advance any sums required for the purpose of discharging the liabilities of the Occupational Injuries Fund, and for the purpose of providing the sums to be so advanced the Minister for Finance may borrow money in such manner as he may think proper and all moneys so borrowed shall be paid into the Exchequer.

(b) Any sums advanced under the foregoing paragraph, together with interest (if any) thereon at such rate as may be fixed by the Minister for Finance, shall be charged on and be repayable out of the Occupational Injuries Fund and when so repaid shall be paid into the Exchequer.

(c) The principal of and interest on any securities issued by the Minister for Finance for the purpose of borrowing under this subsection and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.

(12) (a) The Minister shall cause actuarial reviews to be made into the financial condition of the Occupational Injuries Fund, having regard, in particular, to the adequacy, or otherwise, of the contributions to support the benefits and other payments, and shall cause a copy of every report of the actuary under this subsection to be laid before each House of the Oireachtas.

(b) A review under this subsection shall be made in respect of the period ending with the 31st day of March next after the expiration of the period of five years beginning on the appointed day and thereafter in respect of the period ending with the 31st day of March in every fifth year, subject to the proviso that the Minister may vary the period to be covered by any such review.

(13) References in sections 32, 52, 54 and 57 of the Principal Act to the Fund shall be construed as referring also to the Occupational Injuries Fund.