The assets and liabilities of the Redundancy Fund shall become assets and liabilities of the National Insurance Fund and the Redundancy Fund shall cease to exist.

The Secretary of State shall prepare an account (in such form as the Treasury may direct) showing the final state of the Redundancy Fund, and shall send a copy of it to the Comptroller and Auditor General who shall examine, certify and report on the account and lay copies of it and of his report before each House of Parliament.

References to the Redundancy Fund in subordinate legislation (within the meaning of the M1Interpretation Act 1978) shall be construed as references to the National Insurance Fund.

Section 105 of the M2Employment Protection (Consolidation) Act 1978 (power to make repayments where contributions paid in respect of certain employees not entitled to redundancy payment) shall cease to have effect.