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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2021 - onwards
  Version 3 of 3    

6. Amendment of section 18 (establishment of National Pensions Reserve Fund) of Principal Act.

Repealed from 31 December 2021

Section 18 of the Principal Act is amended -

(a) in subsection (2) by deleting ", in equal quarterly instalments,",

(b) by inserting after subsection (2) -

"(2A) The Minister may pay the sum referred to in subsection (2) in one lump sum or in two or more instalments, as the Minister thinks fit. If that sum is paid in instalments the instalments need not be equal.",

(c) by inserting after subsection (5) -

"(5A) The Minister may contribute to the Fund by transferring into the Fund a shareholding or other interest held by the Minister or a nominee of the Minister.

(5B) The value of a contribution referred to in subsection (5A), as determined by the Minister on the date of transfer, shall be taken to be in satisfaction or part-satisfaction, as the case may be, of the Minister's obligation under subsection (2) to make payments into the Fund in the current year.

(5C) The Minister may contribute to the Fund by paying into the Fund, from the Central Fund or the growing produce of it, a su

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