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Social Security Administration Act 1992
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- UK Public General Acts
- 1992 c. 5
- Part XII
- Section 161
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Social Security Administration Act 1992, Section 161 is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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161National Insurance FundU.K.
[F1(1)The National Insurance Fund shall be maintained under the control and management of the Commissioners for Her Majesty’s Revenue and Customs.]
(2)Accounts of the National Insurance Fund shall be prepared [F2by the Inland Revenue] in such form, and in such manner and at such times, as the Treasury may direct, and the Comptroller and Auditor-General shall examine and certify every such account and shall lay copies of it, together with his report on it, before Parliament.
(3)Any money in the National Insurance Fund may from time to time be paid over to the National Debt Commissioners and be invested by them F3... in any such manner for the time being specified in Part II of Schedule 1 to the M1Trustee Investments Act 1961 as the Treasury may specify by an order of which a draft has been laid before Parliament.
(4)The National Debt Commissioners shall present to Parliament annually an account of the securities in which money in the National Insurance Fund is for the time being invested.
Textual Amendments
F1S. 161(1) substituted (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 3 para. 51(2); S.I. 1999/527, art. 2(b), Sch. 2
F2Words in s. 161(2) substituted (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 3 para. 51(3); S.I. 1999/527, art. 2(b), Sch. 2
F3Words in s. 161(2) omitted (1.4.1999) by virtue of Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 3 para. 51(4); S.I. 1999/527, art. 2(b), Sch. 2
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