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, F1the Treasury by order provide 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 F2Treasury 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 F3(za), F4(zb), (a), (b), (c) and (d) of section 163(1) of the M1Social Security Administration Act 1992, and

(b)

under F5sections 167(1) and 182 of the Employment Rights Act 1996 F6and

(c)

under section 124(1) of the Pension Schemes Act 1993

(5)

F7Treasury may exercise F8their power to make a determination under subsection (1) above or an order or determination under subsection (2) above only if F8they think 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.

F9(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(7)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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 M2Social 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”.