National Pensions Reserve Fund

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The NTMA is Manager of the National Pensions Reserve Fund which was established with the objective of meeting as much as possible of the costs of social welfare and public service pensions from 2025 onwards when these costs are projected to rise significantly due to population ageing.

The Fund is controlled by the National Pensions Reserve Fund Commission, a body corporate established under the National Pensions Reserve Fund Act, 2000. The members of the Commission are appointed by the Minister for Finance and include, ex officio, the Chief Executive of the NTMA. The Commission is responsible for the control, management and investment of the assets of the Fund and performs its functions through the NTMA.

The Fund’s legislative and operating framework has changed significantly since 2009 when the Minister for Finance decided to utilise part of the assets of the Fund to assist in dealing with the financial crisis facing Ireland. Legislative changes in 2009 gave the Minister for Finance power to direct the Commission to invest in credit institutions under certain conditions while further legislative changes in 2010 gave the Minister significant powers in relation to contributions to and draw downs from the Fund and to directing the Commission to make investments in Irish Government and Government-guaranteed securities.

As a result of these amendments and following directions from the Minister for Finance the Fund has since March 2009 invested a total of €20.7 billion in Allied Irish Banks and Bank of Ireland. The Commission’s statutory investment policy does not apply to investments made at the direction of the Minister for Finance but directed investments remain part of the Fund and any income or capital gains from these assets accrues to the Fund.

More information on the NPRF is available on the Fund’s website.

 

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