Social Security Act 1993

2 Payments into National Insurance Fund out of money provided by Parliament

(1) During the tax year 1993-94 there shall be paid into the National Insurance Fund out of money provided by Parliament such amounts as the Secretary of State may from time to time determine, not exceeding in aggregate 20 per cent. of estimated benefit expenditure for the financial year ending with 31st March 1994.

(2) If, before the beginning of the tax year 1994-95 or any subsequent tax year, the Secretary of State with the consent of the Treasury by order provides that this subsection is to have effect with respect to that tax year, there shall during that tax year be paid into the National Insurance Fund out of money provided by Parliament such amounts as the Secretary of State may from time to time determine, not exceeding in aggregate the prescribed percentage of estimated benefit expenditure for the financial year ending with 31st March in that tax year.

(3) In subsection (2) above “the prescribed percentage” means such percentage, not exceeding 17 per cent., as may be specified in the order under that subsection.

(4) In this section “estimated benefit expenditure”, in relation to a financial year, means the amount estimated by the Government Actuary or the Deputy Government Actuary, before the beginning of that financial year, to be that of the aggregate of the amounts that may be expected to be paid out of the National Insurance Fund in that financial year—

(a) under paragraphs (a), (b), (c) and (d) of section 163(1) of the [1992 c. 5.] Social Security Administration Act 1992, and

(b) under sections 106(2), 122(1) and 123(1) of the [1978 c. 44.] Employment Protection (Consolidation) Act 1978.

(5) The Secretary of State may exercise his power to make a determination under subsection (1) above or an order or determination under subsection (2) above only if he thinks it expedient to do so with a view to adjusting the level at which the National Insurance Fund stands for the time being and having regard to estimated benefit expenditure for the financial year ending with 31st March in the tax year to which the determination or order is to relate.

(6) The Secretary of State shall consult the Treasury before making any determination under subsection (1) or (2) above.

(7) Amounts payable under this section shall be paid at such times and in such manner as the Treasury may direct.

(8) An order under subsection (2) above shall be made by statutory instrument; and a statutory instrument containing such an order shall not be made unless a draft of the instrument has been laid before Parliament and approved by a resolution of each House of Parliament.

(9) In section 1 of the [1992 c. 4.] Social Security Contributions and Benefits Act 1992 (outline of contributory system) at the end of subsection (1) there shall be added “and amounts payable under section 2 of the Social Security Act 1993”.