§ Lord Morris of Manchesterasked Her Majesty's Government:
By how much the national insurance fund is currently in surplus; what proportion of the social security budget is now funded by national insurance; and whether they have any plans for using any of the fund's current surplus to increase the basic state retirement pension by more than 75 pence a week. [HL879]
§ The Parliamentary Under-Secretary of State, Department of Social Security (Baroness Hollis of Heigham)The Government Actuary recommends a minimum balance in the National Insurance Fund of 16.7 per cent of benefit expenditure or £7.75 billion for 1999–2000. He estimates that the actual balance at 31 March 2000 will be £13.786 billion. The proportion of the Social Security budget funded by national insurance contributions for 1999–2000 is expected to be 50 per cent. We have already announced the increase for basic state retirement pension for April 2000.