Report by the Government Actuary on the Drafts of the Social Security Benefits Up-rating Order 2005 and the Social Security (contributions) (Re-rating and National Insurance Funds Payments) Order 2005

The report estimates the receipts of, and payments from, the National Insurance Fund for the years 2004-05 and 2005-06, and the balances in the fund at the start and end of each year. These will depend on a range of factors including the levels of unemployment and employment, and the rate of increase in earnings. The economic assumptions used correspond with those prepared by the Treasury at the time of the Pre-Budget Report in December 2004. The report concludes that it will not be necessary for any Treasury grant to be made to the Fund in 2005-06.