Social Security Act 1975

137 Financial review and report

(1) As from the end of the period of 5 years from 6th April 1975, or such shorter period as the Secretary of State may direct, the Government Actuary shall review the operation of this Act and the Old Cases Act during that period.

(2) Thereafter as from the end of each period of 5 tax years, or such shorter period as the Secretary of State may direct in respect of any review, the Government Actuary shall review the operation (during the period since the end of the last period to be the subject of a review) of this Act and the Old Cases Act.

(3) It shall be the object of a review by the Government Actuary 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 current rates of contributions, the yield to be expected from contributions in the longer term, and such other matters as he considers to be relevant as affecting the present and future level of the Fund.

(4) After completing his review, the Government Actuary shall report to the Secretary of State his opinion on the question referred to in subsection (3) above; and the Secretary of State shall lay a copy of the report before Parliament.