Dáil Éireann Debate, Tuesday - 28 May 2024
321. Deputy Rose Conway-Walsh asked the Minister for Social Protection to provide projections of social insurance fund receipts, expenditure and total cumulative reserve out to 2030; and if she will make a statement on the matter. [23818/24]
View answerThe Minister for Social Protection is legally required to have an Actuarial Review of the Social Insurance Fund undertaken at five yearly intervals.
The purpose of the review is to determine the extent to which the Fund may be expected, in the long term, to meet the demands in respect of payment of benefits and other payments. The review takes account of the adequacy or otherwise of contributions to support benefits and other payments as well as other matters relevant to the current and future financial condition of the Fund.
The most recent Actuarial Review of the Social Insurance Fund was published in March 2023 and was in respect of the position at the end of 2020. One of the main findings of the Review was that the Social Insurance Fund would register annual surpluses up to the mid 2030s at which time it would return to an initial small deficit, increasing markedly thereafter.
The table below taken from the Actuarial Review sets out the projections of Social Insurance Fund receipts, expenditure and total cumulative reserve out to 2030.
I trust this clarifies the matter for the Deputy.
|
Year |
Receipts (in €Bn) |
Expenditure |
Surplus/(Shortfall) |
Projected Balance of Fund |
|
2020 |
10.6 |
14.1 |
-3.5 |
0.5 |
|
2021 |
11.8 |
14.9 |
-3.1 |
0 |
|
2022 |
14.2 |
11.5 |
2.7 |
2.7 |
|
2023 |
14.8 |
12.0 |
2.8 |
5.4 |
|
2024 |
15.4 |
12.7 |
2.7 |
8.1 |
|
2025 |
16.0 |
13.3 |
2.6 |
10.8 |
|
2026 |
16.4 |
13.9 |
2.4 |
13.2 |
|
2027 |
16.8 |
14.8 |
2.0 |
15.2 |
|
2028 |
17.1 |
15.2 |
1.9 |
17.1 |
|
2029 |
17.5 |
15.8 |
1.6 |
18.8 |
|
2030 |
17.8 |
16.5 |
1.3 |
20.1 |
