Social Welfare Consolidation Act 2005 section 9

Social insurance fund

Section 9 establishes the structure and management of the Social Insurance Fund, including its accounts, investment rules, and procedures for covering any shortfalls.

• The Fund comprises three accounts: a current account (managed by the Minister), an investment account (managed by the Minister for Finance), and a special account for emergency advances from the Central Fund.
• Surplus money in the current account is transferred to the investment account, where it must be invested in approved securities; if the current account runs short, money flows back from the investment or special accounts.
• Any annual deficit (where the Fund's expenditure exceeds its income) is made good by the Oireachtas from public funds.
• The Comptroller and Auditor General audits the Fund's accounts, with copies of audited accounts and reports laid before both Houses of the Oireachtas.