§ Mr. George Cunninghamasked the Secretary of State for Social Services what has been the surplus or deficit in the National Insurance Fund Account for 1973–74, 1974–75 and 1975–76; whether the Actuary takes the previous year's surplus or deficit into account in recommending contribution rates; and how the surpluses or deficits have been disposed of or financed.
§ Mr. OrmeTaking into account surpluses in the former National Insurance (Reserve) Fund and the former Industrial Injuries Fund, which were merged with the National Insurance 633W Fund from 1st April 1975, the surpluses in 1973–74, 1974–75, and 1975–76 were £260 million, £638 million, and £319 million respectively. Setting the rate of national insurance contribution is the responsibility of my right hon. Friend the Secretary of State for Social Services working within the legislative framework of Sections 120 to 123 of the Social Security Act 1975. On this occasion, Section 1 of the Social Security Pensions Act 1975, which is due to come into force on the introduction of the new pensions scheme in April 1978, has had to be kept in mind. Sums which are surplus to benefit requirements are invested in accordance with Section 133(3) of the Social Security Act 1975.