| 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.
