National pensions reserve fund act, 2000

• Act Number: 33
• Enactment Date: 10 December 2000

Number 33 of 2000
NATIONAL PENSIONS RESERVE FUND ACT, 2000
ARRANGEMENT OF SECTIONS
PART I
Preliminary
Section 1. Short title. 2. Interpretation. 3. Establishment day. 4. Expenses of Minister.
PART II
National Pensions Reserve Fund Commission
5. Establishment of National Pensions Reserve Fund Commission. 6. Functions of Commission. 7. Membership of Commission and terms of office of members. 8. Chairperson of Commission. 9. Meetings of Commission. 10. Seal of Commission. 11. Membership of either House of Oireachtas, European Parliament or local authority, etc. 12. Disclosure of interests. 13. Prohibition of unauthorised disclosure of confidential information. 14. Committees. 15. Commission shall not control company. 16. Commission chairperson to be consulted in appointment of Chief Executive of Agency. 17. Expenses of Commission.
PART III
National Pensions Reserve Fund
18. Establishment of National Pensions Reserve Fund. 19. Investment policy for Fund. 20. Payments from Fund to Exchequer. 21. Manager of Fund. 22. Appointment of investment managers and custodians. 23. Expenses of Agency. 24. Laying of draft orders, regulations and rules under part 3.
PART IV
Accountability and Reporting
25. Chairperson of Commission to appear before Committee of Public Accounts. 26. Accounts and audits. 27. Reports and information to Minister.
PART V
Dissolution of Temporary Holding Fund for Superannuation Liabilities
28. Transfer of moneys from Temporary Fund to Fund, dissolution of Temporary Fund and final accounts. 29. Repeal.
PART VI
Amendment of Taxes Consolidation Act, 1997
30. Taxation.
Acts Referred to Companies Acts, 1963 to 1999 Comptroller and Auditor General (Amendment) Act, 1993 1993, No. 8 European Parliament Elections Act, 1997 1997, No. 2 National Treasury Management Agency Act, 1990 1990, No. 18 Social Welfare (Consolidation) Act, 1993 1993, No. 27 Taxes Consolidation Act, 1997 1997, No. 39 Temporary Holding Fund for Superannuation Liabilities Act, 1999 1999, No. 33
Number 33 of 2000
NATIONAL PENSIONS RESERVE FUND ACT, 2000
AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A FUND TO BE KNOWN AS THE NATIONAL PENSIONS RESERVE FUND AND A BODY TO BE KNOWN AS THE NATIONAL PENSIONS RESERVE FUND COMMISSION TO CONTROL AND MANAGE THE FUND, TO DISSOLVE THE TEMPORARY HOLDING FUND FOR SUPERANNUATION LIABILITIES, TO AMEND THE TAXES CONSOLIDATION ACT, 1997, AND TO PROVIDE FOR CONNECTED MATTERS. [10th December, 2000]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
PART I Preliminary
	Short title.	1.— This Act may be cited as the National Pensions Reserve Fund Act, 2000.
	Interpretation.	2.—(1) In this Act—
	“Agency” means National Treasury Management Agency;
	“beneficiary” in respect of a social welfare pension, means a person entitled to or in receipt of such pension;
	“Commission” means National Pensions Reserve Fund Commission established under section 5 ;
	“committee” means a committee established under section 14 ;
	“Committee of Public Accounts” means the Committee of Dáil éireann established under the Standing Orders of Dáil éireann to examine and report to Dáil éireann on the appropriation accounts and reports of the Comptroller and Auditor General;
	“company” means—
	(a) a company within the meaning of the Companies Acts, 1963 to 1999, or
	(b) a body established under the laws of a state other than the State and corresponding to a body referred to in paragraph (a);
	“custodian” means a person appointed as a custodian under section 22 (3);
	“establishment day” means the day appointed by the Minister under section 3 to be the establishment day;
	“functions” includes powers and duties, and reference to the performance of functions includes, as respects powers and duties, references to the exercise of the powers and the performance of the duties;
	“Fund” means National Pensions Reserve Fund established under section 18 ;
	“Fund investment policy” shall be construed in accordance with section 19 ;
	“Gross National Product” means the estimate for the year in which payments to the Fund are made under section 18 , as published by the Minister with the Budget for that year, of gross domestic product, at market prices, as measured and defined by the European System of National and Regional Accounts in the European Community pursuant to Council Regulation (EC) No. 2223/96 of 25 June 19961 , or subsequent revisions and amendments thereto, plus net receipts, property income and compensation of employees from outside the State;
	“investment manager” means a person appointed as an investment manager under section 22 (1);
	“Manager” means the person appointed as manager of the Fund under section 21 ;
	“Minister” means Minister for Finance;
	“public service pensions” means occupational pensions, gratuities and other allowances payable to or in respect of persons on resignation, retirement or death which are wholly or partly funded from moneys provided by the Oireachtas or from the Central Fund or the growing produce thereof;
	“social welfare pensions” means any pension referred to in section 30, or section 118, of the Social Welfare (Consolidation) Act, 1993 , in so far as it is payable to or in respect of a beneficiary;
	“Temporary Fund” means Temporary Holding Fund for Superannuation Liabilities.
	(2) In this Act—
	(a) a reference to a Part or section is a reference to a Part or section of this Act, unless it is indicated that reference to some other enactment is intended,
	(b) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended, and
	(c) a reference to an enactment shall be construed as a reference to that enactment as amended, adapted or extended by or under any subsequent enactment including this Act.
	Establishment day.	3.— The Minister shall by order appoint a day to be the establishment day for the purposes of this Act.
	Expenses of Minister.	4.— The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.
PART II National Pensions Reserve Fund Commission
	Establishment of National Pensions Reserve Fund Commission.	5.— (1) There shall stand established, on the establishment day, a body to be known as the National Pensions Reserve Fund Commission, or in the Irish language Coimisiún an Chúlchiste Náisiúnta Pinsean, and in this Act referred to as the “Commission”, to perform the functions assigned to it by this Act.
	(2) The Commission shall be a body corporate with perpetual succession and a common seal and power to sue and be sued in its corporate name and to acquire, hold and dispose of land or an interest in land, and to acquire, hold and dispose of any other property.
	Functions of Commission.	6.—(1) The functions of the Commission shall be—
	(a) to control, manage and invest the assets of the Fund in accordance with the Fund investment policy,
	(b) to authorise payments from the Fund to the Exchequer and such other payments from the Fund as may be required for the purposes of this Act,
	(c) from time to time to determine the investment strategy for the Fund in accordance with the Fund investment policy, which shall include appropriate benchmarks, against which the investment return of the Fund can be assessed, and the classes of assets in which the Fund may be invested, including, without limiting the generality of the foregoing, such derivative or other financial instruments as the Commission may deem appropriate, but not including Irish Government securities,
	(d) to monitor and review implementation of the investment strategy including performance against the benchmarks set therein,
	(e) to appoint investment managers to invest and manage portions of the Fund,
	(f) to appoint custodians for the assets of the Fund,
	(g) to determine an annual budget for the administration costs to be charged to the Fund,
	(h) to commission, from time to time, independent valuations of the assets of the Fund, and, after consultation with—
	(i) the Minister, assessments of the projected profile of Exchequer outlays on public service pensions, and
	(ii) the Minister and the Minister for Social, Community and Family Affairs, assessments of the projected profile of Exchequer outlays on social welfare pensions,
	(i) to commission, from time to time, independent assessments of the investment performance of the Fund,
	(j) to submit annual reports to the Minister,
	(k) to keep proper books of account and to prepare and submit to the Minister annual accounts of the Fund.
	(2) The Commission may also—
	(a) contract options and other derivative financial instruments for the Fund,
	(b) open and maintain bank accounts for the Fund, including accounts in currencies other than the currency of the State,
	(c) borrow or lend securities, including, but not limited to, equity and debt instruments,
	(d) accept bequests and donations for the benefit of the Fund, provided that any conditions attaching to such bequests or donations are not inconsistent with this Act or otherwise contrary to law,
	(e) engage, from time to time, consultants and advisers and other service providers as are necessary or expedient for the performance of its functions.
	(3) The Commission shall have all...