Social Security Administration Act 1992

166 Financial review and report

(1) As from the end of the period of 5 years beginning with 6th April 1990, or such shorter period as the Secretary of State may direct, the Government Actuary or the Deputy Government Actuary shall review the operation during that period of the 1975 Act and of Parts I to VI of the Contributions and Benefits Act (except Part I of Schedule 8) and this Act so far as it relates to those Parts.

(2) As from the end of each review period, the Government Actuary or Deputy Government Actuary shall review the operation during that period of Parts I to VI of the Contributions and Benefits Act (except Part I of Schedule 8) and this Act, so far as it relates to those Parts.

(3) For the purposes of subsection (2) above, a review period is—

(a) the period of five tax years, or

(b) such shorter period as the Secretary of State may direct in respect of any review,

from the end of the last period to be subject to a review under this section.

(4) It shall be the object of a review under this section to determine the extent to which the level at which the National Insurance Fund stands from year to year may be expected in the longer term to bear a proper relation to demands in respect of payments of benefit; and for this purpose the Actuary shall take into account—

(a) current rates of contributions;

(b) the yield to be expected from contributions in the longer term; and

(c) such other matters as he considers to be relevant as affecting the present and future level of the Fund.

(5) After completing his review, the Government Actuary or Deputy Government Actuary shall report to the Secretary of State his opinion on the question referred to in subsection (4) above; and the Secretary of State shall lay a copy of the report before Parliament.