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National Insurance Fund

National Insurance Fund Accounts 

Year to 31st March 2020

2019-20

(£ mn)

Total Receipts

£113,160,631

Less: Benefit Payments £106, 163,275
Excess: Receipts over Payments £    6,996,256
National Insurance Fund Account Balances

2019-20

(£ mn)

Balance Brought Forward £29,934,954
Excess: Receipts over Payments (from above) £  6,996,256
Excess Balance Carried Forward £36,932,210

 

 

 

 

 

 

 

 

 

 

 

 

 

The UK Government has to maintain a balance in the NIF that is equal to 16.67% of annual expenditure from the Fund. If the balance falls below this number then the Government provides a Grant to top it up. Any further excess sitting in the NIF represents monies that could be distributed, say, to Frozen Pensioners. This chart shows that the UK government could have been paying Frozen Pensioners since 2016.

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