National Insurance Fund

HC Deb 25 March 1987 vol 113 cc209-10W

Mr. Austin Mitchell

asked the Secretary of State for Social Services what is the current amount in the national insurance fund; and if any of the funds are re-invested.

Mr. Major

In the "Report by the Government Actuary on the drafts of the Social Security Benefits Uprating (No. 2) Order 1986 and the Social Security (Contributions, Re-rating) (No. 2) Order 1986" (Cm. 24) it is estimated that the total balance of the national insurance fund at the end of the 1986–87 financial year will be £5,617,000,000.

The securities held by the National Investment and Loans Office on behalf of the fund are listed in the NI fund annual account (HC 103 published December 1986) and are almost entirely British Government Securities and loans to local authorities.