Where the Secretary of State lays before Parliament a draft of an order under section 120 above, he shall lay with it a copy of a report by the Government Actuary on the effect which, in the Actuary's opinion, the making of such an order may be expected to have on the National Insurance Fund ; and, where he determines not to lay a draft order, he shall with the report laid before Parliament under section 120(7) lay a copy of a report by the Government Actuary on the consequences for the Fund which may, in the Actuary's opinion, follow from that determination.

Where the Secretary of State lays before Parliament a draft of an order under section 120, then if the draft is approved by a resolution of each House, the Secretary of State shall make an order in the form of the draft.

An order under section 120 shall be made so as to be in force from the beginning of the tax year following that in which it received Parliamentary approval, and to have effect for that year and any subsequent tax year (subject to the effect of any subsequent order under that section or section 122 below); and for this purpose the order is to be taken as receiving Parliamentary approval on the date on which the draft of it is approved by the second House to approve it.