National Insurance Fund (Hansard, 2 May 1960)

§ 67. Mr. Ross
asked the Minister of Pensions and National Insurance the amount of the Exchequer supplement to the National Insurance Fund in each of the years from 1948.

§ 68. Mr. Willis
asked the Minister of Pensions and National Insurance what percentage of the total annual income of the National Insurance Fund was represented by the Exchequer supplement to the fund in each of the years since 1948.

§ Mr. Boyd-Carpenter
Following is the Answer:
refer the hon. Member to the Report by the Government Actuary on the Financial Provisions of the National Insurance Bill, 1959. For 1961–62 the supplement would represent about 17 per cent. of the total income there stated. I am afraid that precise calculations for the later years are not possible since they would depend inter alia on the extent to which the quinquennial increases in contributions provided for by Section 1 (2) of the National Insurance Act, 1959, are made.
43W

§ 72. Mr. Lawson
asked the Minister of Pensions and National Insurance the estimated surplus or deficit of income over expenditure in the National Insurance Fund for the years 1961–62, 1966–67, 1971–72 and 1976–77.

§ Mr. Boyd-Carpenter
I would refer the hon. Member to the Government Actuary's Report on the Financial Provisions of the National Insurance Bill, 1959.

§ 70. Mr. Woodburn
asked the Minister of Pensions and National Insurance the amount of interest payments on the National Insurance Fund made in each of the years since 1948, and the rate of interest paid in each of these years.

§ Mr. Boyd-Carpenter
For the information asked for in the first part of the Question I would refer the right hon. Gentleman to the published accounts of the National Insurance Funds. The answer to the second pant of the Question is given in the following table:

Year Average rate of interest received on investments of

(a) The National Insurance Fund (b) The National Insurance (Reserve) Fund

Per cent. Per cent.

1948–49 … 2.1 3.1

1949–50 … 2.2 2.9

1950–51 … 2.0 3.0

1951–52 … 2.3 3.3

1952–53 … 2.6 3.3

1953–54 … 2.5 3.3

1954–55 … 2.5 3.4

1955–56 … 2.7 3.4

1956–57 … 2.8 3.4

1957–58 … 3.3 3.5

1958–59 … 3.4 3.4

NOTE: The rate of interest is calculated on the cost price of the investments of the Fund. In the case of securities transferred from the former schemes of unemployment insurance, National Health Insurance and contributory pensions the current market value on the date of transfer (5th July, 1948) was taken as cost price.

§ 69. Dr. Dickson Mabon
asked the Minister of Pensions and National Insurance the amount of the deficit or sur- 44W plus of income over expenditure in the National Insurance Fund for each of the years from 1948.

§ Mr. Boyd-Carpenter
The amounts were:

Year Deficits (-) or Surpluses (+) of the National Insurance Fund

£ Millions

1948–49 … … +95.4

1949–50 … … +138.2

1950–51 … … +145.8

1951–52 … … +97.4

1952–53 … … +23.2

1953–54 … … +36.1

1954–55 … … +44.9

1955–56 … … +36.6

1956–57 … … +33.7

1957–58 … … +2.4

1958–59 … … -15.8

Year	Average rate of interest received on investments of
(a) The National Insurance Fund	(b) The National Insurance (Reserve) Fund
		Per cent.	Per cent.
1948–49	…	2.1	3.1
1949–50	…	2.2	2.9
1950–51	…	2.0	3.0
1951–52	…	2.3	3.3
1952–53	…	2.6	3.3
1953–54	…	2.5	3.3
1954–55	…	2.5	3.4
1955–56	…	2.7	3.4
1956–57	…	2.8	3.4
1957–58	…	3.3	3.5
1958–59	…	3.4	3.4

Year	Deficits (-) or Surpluses (+) of the National Insurance Fund
			£ Millions
1948–49	…	…	+95.4
1949–50	…	…	+138.2
1950–51	…	…	+145.8
1951–52	…	…	+97.4
1952–53	…	…	+23.2
1953–54	…	…	+36.1
1954–55	…	…	+44.9
1955–56	…	…	+36.6
1956–57	…	…	+33.7
1957–58	…	…	+2.4
1958–59	…	…	-15.8