Section 25

For successive periods of such duration, not exceeding 5 years, as the Minister may determine in each case, an examination of the Fund must be made by a person appointed by the Minister with a view to determining the state of the Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.

Despite subsection (1), where an amendment is made to the INVEST Plan, and the amendment affects the cost of benefits payable under the INVEST Plan or creates an initial unfunded liability, the Minister may, for the purposes of section 12(1)(a), appoint a person to make an examination and report on the state of the Fund.

Despite subsection (1), where an amendment is made to the Scheme, and the amendment affects the cost of benefits payable under the Scheme or creates an initial unfunded liability, the Minister charged with the responsibility for the Scheme may, for the purposes of section 12(1)(a), appoint a person to make an examination and report on the state of the Fund.

The person appointed under subsection (1), (2) or (3) must, at the end of the person’s examination, report to the Minister for Finance and the Minister referred to in subsection (2) or (3) (as the case may be) the state of the Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.

The Minister referred to in subsection (2) or (3) (as the case may be) must cause a copy of every such report to be presented to Parliament forthwith after receipt of the report.