Social Welfare Act, 1998

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Actuarial review.

17.—The Principal Act is hereby amended by the insertion after section 7 of the following section:

“Actuarial review.

7A.—(1) The Minister shall cause—

(a) actuarial reviews to be made into the financial condition of the Social Insurance Fund by such persons as the Minister may decide for the purpose of determining the extent to which the Fund may be expected, in the longer term, to meet the demands in respect of payment of benefits and other payments, having regard, in particular, to the adequacy or otherwise of the contributions to support benefits and other payments and such other matters as the Minister considers to be relevant as affecting the current and future financial condition of the Fund,

(b) a report to be made to the Minister on completion of any such review, and

(c) a copy of every report under this section to be laid before each House of the Oireachtas within 6 months of the completion of the review.

(2) The date of completion of the first actuarial review under this section shall be a date not later than the 31st day of December, 2002, and the date of completion of each subsequent review shall be a date not later than 5 years after the date of completion of the immediately preceding review.”.