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National Insurance Fund

Volume 986: debated on Thursday 19 June 1980

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asked the Secretary of State for Social Services what is the balance in hand of the national insurance fund for 1977–78 ; and if he will set out the main distribution of the investment with its respective returns and the total return in interest for this balance.

I refer the hon. Member to the national insurance fund accounts for the year ending 31 March 1978—

£ million£ million£ million
Actual surpluses or deficit+ 928+ 678+ 265
Estimated surpluses or deficit+ 486/417+ 888/867–25
The original estimates were made by the Government Actuary in his reports on the drafts of the Social Security (Contributions, Re-rating) Orders 1975, 1976 and 1977 (Cmnd. 6275, 6688 and 7036) on assumptions regarding the level of unemployment and the rate of increase in earnings and prices given to him by the Government and specified in the reports. Revised estimates are given in subsequent reports on contributions re-rating orders and in reports on benefit up-rating orders, together with the reasons for any variation from the original estimate. The relevant reports are :
1976–77Cmnd. 6478,6688 and 6848
1977–78Cmnd. 6848,7036 and 7232
1978–79Cmnd. 7232,7403 and 7606
Copies of the reports are held in the Library.