IRELAND - The department of social and family affairs has tendered for an actuarial consultant to review the Social Insurance Fund.
At end 2005 the fund had an annual surplus of e495m and an accumulated surplus of e2401m.
All social insurance contributions are paid into the Social Insurance Fund. Unemployment and disability benefits, retirement pensions and contributory old age pensions are paid out from it.
The contract is for six months, in which the actuary will review the sustainability of the Social Insurance Fund for the period 2006-2061, take into account a number of possibly policy scenarios and examine questions of distribution, migration and investment.
The appointment is a routine tender made every five years to review the fund in terms of changing demographics and population structure.
The National Treasury Management Agency (NTMA) commenced management of the accumulated surplus in the fund in July 2001.
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