(1) There shall stand established, on the establishment day, a fund to be known as the National Pensions Reserve Fund, and in this Act referred to as the "Fund", for the purposes of-
(a) directed investments in accordance with section 19A or 19AA,
(b) payments to the Exchequer in accordance with section 20A, and
(c) meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from the year 2025 until the year 2055, or such other subsequent years as may be specified in an order under section 20(3).
(2) Subject to subsection (3), in each year, commencing in the year 2001 and continuing until the year 2055, there shall be paid by the Minister into the Fund from the Central Fund or the growing produce thereof a sum equivalent to one per cent. of Gross National Product.
(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 pai