§ Mr. CousinsTo ask the Secretary of State for Social Security if he will give the year end balance of the national insurance fund in each year from 31 March 1985 showing the effect of payments made to the fund under section 16 of the Social Security Act 1990 and section 13 of the Employment Act 1990.
§ Miss WiddecombeThe table details the year-end balances of the national insurance fund from 31 March 1985. Figures for 1991–92 are not yet available.
Under section 16 of the Social Security Act 1990, payments were made to the fund from 1 April 1990 and amounted to £1,268 million for the year ending 31 March 1991.
Section 13 of the Employment Act 1990 abolished the former redundancy fund on 31 January 1991 and transferred its assets and liabilities to the national insurance fund on that day. This resulted in a one-off payment to the fund of £914.5 million for the year ending 31 March 1991.
Those sums were employed in the day-to-day running of the fund, together with its other income, and have contributed to the end-of-year balance shown.
Year Balance at end of year £'000s 1984–85 4,977,510 1985–86 5,293,024 1986–87 5,706,966 1987–88 7,287,620 1988–89 10,368,808 1989–90 10,307,139 1990–91 11,791,856