National Insurance Fund


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National Insurance Fund

A statutory fund financed by contributions from all employers, employees and the self-employed in the UK into the National Insurance Scheme, plus interest. The NIF is used to pay for social security benefits such as state retirement pensions and for the NHS via the Government. The NIF has an annual surplus, which the government borrows through the Debt Management Office but cannot use to finance current expenditure.
References in periodicals archive ?
Altmann's predecessor, Lib Dem Steve Webb, said: "The Government won't let the National Insurance Fund run out of money - they will simply top it up from other taxes as they have done repeatedly in the past." Pensions experts are urging younger workers not to rely on the state pension.
The policy also aims to create a national insurance fund for expatriates, so that they can also contribute to the fund in addition to employers' contribution.
Since then it has managed National Insurance Fund (NIF), National Coinsurance Scheme (NCS), War Risks Insurance (WRI) and Export Credit Guarantee Scheme (ECGS) providing help in different forms to the insurance as well as business community.
"It can only be described as a travesty that successful claimants can only claim a small proportion of this award from the government's National Insurance Fund and City Link can continue to rely on its state of insolvency to the further detriment of those who worked so hard for it."
There's also a PS28billion surplus in the Government''s National Insurance Fund. Why can't we use some of that?
Employees of insolvent companies can make claims against the National Insurance Fund (funded by national insurance contributions) for certain payments due from their employer.
The hotel is owned by the country's National Insurance Fund (NIF).
They were told that they could recover statutory minimum payments for notice, outstanding pay, including holiday and redundancy pay, subject to certain limits, through the National Insurance Fund. Any other money owing had to be claimed against Ultralase in administration which left the former employees to be ranked as creditors in the company voluntary arrangement, approved in late December, which provided for a recovery rate of only 7p per 1[pounds sterling].
"We'd expect that the vast majority of outstanding wages will be paid by the Government as part of the National Insurance Fund, as is normal in these circumstances.
"This country can afford to pay everyone a decent pension, not least by using the surplus in the National Insurance fund currently estimated at pounds 34.6 billion and growing to pounds 60 billion by 2010.
With nearly pounds 40 billion in the National Insurance fund, it can be afforded.
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