§ 31. Mr. Copeasked the Secretary of State for Social Services if he will review the assumptions provided to the Government Actuary on which he based his report on the National Insurance Fund's income and expenditure in 1977–78.
§ Mr. EnnalsNo. The report concerned has already been completed and laid before Parliament in accordance with Section 121 of the Social Security Act 1975.
§ 43. Mr. Litterickasked the Secretary of State for Social Services what are the current balances in the National Insurance Fund and National Insurance Reserve 447W Fund, respectively; and how this compares with the balances 12 months and two years ago.
§ Mr. EnnalsThe National Insurance Reserve Fund and the Industrial Injuries Fund were merged into the National Insurance Fund on 1st April 1975. The latest and the previous two years' balances were:
£ million (investments at cost price) Balance at 31st March 1976–2,219 Balance at 31st March 1975–2,499* Balance at 31st March 1974–1,861 * £1,900 million on 1st April 1975 after revaluation of investments of NI Reserve Fund and Industrial Injuries Fund to current market value.