(1)The National Insurance Fund shall continue to be maintained under the control and management of the Minister, and—
(a)there shall be paid into that Fund all contributions payable under this Act by employers and insured persons and out of moneys provided by Parliament;
(b)there shall be paid out of that Fund—
(i)all claims for benefit;
(ii)any sums payable by virtue of paragraph 19(b) of Schedule 11 to this Act;
(iii)such sums as are necessary to make good to the Industrial Injuries Fund or the Treasury, as the case may be, the amount by which any payments to be made out of the National Insurance Fund are reduced by reference to sums borne by the Industrial Injuries Fund or by moneys provided by Parliament, as the case may be, by virtue of Schedule 7 to this Act;
(iv)any sums payable out of the National Insurance Fund by virtue of section 13(2) of the [1948 c. 29.] National Assistance Act 1948, section 3(6), 5(2) or 11(2) of the [1948 c. 46.] Employment and Training Act 1948 or section 8(5) of the [1949 c. 37.] Agriculture (Miscellaneous Provisions) Act 1949;
(c)there shall be included among the liabilities of the National Insurance Fund any liabilities to which the assets transferred to that Fund or the National Insurance (Reserve) Fund in pursuance of section 66 of the Act of 1946 would have been applicable but for that Act.
(2)Where, under any enactment or otherwise, payments fall to be made by way of adjustment between the National Insurance Fund and the Industrial Injuries Fund, then, in such cases or classes of case as the Minister may with the consent of the Treasury determine, the amount due from either of those Funds to the other shall be taken to be such as may be so determined and payments on account thereof shall be made at such times and in such manner as the Minister may with the like consent direct.
(3)Where in the opinion of the Minister any of the assets referred to in subsection (1)(c) of this section which for the time being form part of the assets of the National Insurance Fund are unsuitable for retention as assets of that Fund, they may be sold or otherwise disposed of in such manner as the Minister may, with the approval of the Treasury, determine.
(4)Accounts of the National Insurance Fund shall be prepared in such form, 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 thereof, together with his report thereon, before Parliament.
(5)Any moneys forming part of the National Insurance Fund may from time to time be paid over to the National Debt Commissioners and by them invested, in accordance with such directions as may be given by the Treasury, in any securities which are for the time being authorised by Parliament as investments for savings banks funds.
(6)The National Debt Commissioners shall present to Parliament annually an account of the securities in which moneys forming part of the National Insurance Fund are for the time being invested.