Section 161 | National Insurance Fund

(1)The National Insurance Fund shall be maintained under the control and management of the Commissioners for Her Majesty’s Revenue and Customs.^F1

(2)Accounts of the National Insurance Fund shall be prepared by the Inland Revenue in such form, and in such manner and at such times, as the Treasury may direct, and the Comptroller and Auditor-General shall examine and certify every such account and shall lay copies of it, together with his report on it, before Parliament.^F2

(3)Any money in the National Insurance Fund may from time to time be paid over to the National Debt Commissioners and be invested by them ... in any such manner for the time being specified in Part II of Schedule 1 to the Trustee Investments Act 1961 as the Treasury may specify by an order of which a draft has been laid before Parliament.^F3

(4)The National Debt Commissioners shall present to Parliament annually an account of the securities in which money in the National Insurance Fund is for the time being invested.