National Insurance Fund

HC Deb 15 November 1988 vol 140 cc624-5W

Mr. Austin Mitchell

To ask the Secretary of State for Social Security whether he will publish in theOfficial Report tables showing (a) the current holdings of cash, securities and other revenue-generating assets of the national insurance fund in relation to 1978 and 1968, (b) the annual surplus/deficit each year since 1968 as a percentage of aggregate earnings to two places of decimals, (c) the accumulated fund as a percentage of the current year's estimated aggregate earnings and (d) his forecast for 1989.

Mr. Peter Lloyd

The information is as follows:

£ million
	(a) Assets of National Insurance Fund
	1968	1978	1988
Securities	1,608.6	3,691.0	6,595.5
Cash with Paymaster General	0.6	2.4	2.5
Other balances	16.4	131.7	689.6
Total assets	1,625.6	3,825.1	7,287.6

The figures for 1968 were derived from the accounts of the national insurance fund, the NI reserve fund, and the industrial injuries fund. These funds were merged in 1975 to form the national insurance fund.

(b) Total income to National Insurance Fund, with deficit/surplus expressed as percentage of annual income
	£'000	£'000
Year ended1	Deficit/Surplus	Total income2	Percentage
31 March 1968	- 88,506	2,134,645	- 4.15
31 March 1969	- 152,232	2,554,648	- 5.96
31 March 1970	- 87,994	2,484,816	- 3.54
31 March 1971	+64,320	2,827,713	+2.27
31 March 1972	- 625	3,223,061	- 0.02
31 March 1973	+152,550	3,790,627	+4.02
31 March 1974	+259,514	4,454,515	+5.83
31 March 1975	+637,611	6,005,834	+10.62
31 March 1976	+318,934	7,509,548	+4.25
31 March 1977	+928,011	9,397,616	+9.87
31 March 1978	+678,469	10,483,678	+6.47
31 March 1979	+265,414	11,409,629	+2.33
31 March 1980	+535,302	13,297,450	+4.03
31 March 1981	+411,698	16,009,010	+2.57
31 March 1982	- 991,008	17,056,592	- 5.81
31 March 1983	- 23,004	19,393,009	- 0.12
31 March 1984	+580,379	21,089,512	+2.75
31 March 1985	+373,674	22,118,538	+1.69
31 March 1986	+315,514	23,485,938	+1.34
31 March 1987	+413,942	25,339,886	+1.63
31 March 1988	+1,580,654	27,335,731	+5.78
1 For years up to and including 1975 the figures have been derived from the accounts of the National Insurance Fund, the NI Reserve Fund and the Industrial Injuries Fund.
2 Includes income from National Insurance Contributions, the Treasury Supplement and income from investments.

(c) (d) Estimates of the Fund's accumulated balance in the current year and in 1989–90, will be published in the Government Actuary's report on the rerating orders which will be laid before Parliament shortly.