Mr Major’s Written Parliamentary Answer on National Insurance Fund – 25 March 1987

Below is the text of Mr Major’s written Parliamentary Answer on National Insurance Fund on 25th March 1987.

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.