Section 166 Financial review and reportC1

(1)

As from the end of the period of 5 years beginning with 6th April 1990, or such shorter period as the Secretary of State may direct, the Government Actuary or the Deputy Government Actuary shall review the operation during that period of—

F1(a)

the 1975 Act;

(b)

Parts I to VI of the Contributions and Benefits Act (except Part I of Schedule 8);

(c)

the provisions of the Jobseekers Act 1995 relating to a contribution-based jobseeker's allowance; and

(d)

this Act F2F3, Chapter II of Part I of the Social Security Act 1998 and Part II of the Social Security Contributions (Transfer of Functions, etc.) Act 1999 so far as they relate to the provisions specified in paragraphs (b) and (c) above.

(2)

As from the end of each review period, the Government Actuary or Deputy Government Actuary shall review the operation during that period of—

F4(a)

Parts I to VI of the Contributions and Benefits Act (except Part I of Schedule 8);

(b)

the provisions of the Jobseekers Act 1995 relating to a contribution-based jobseeker's allowance;

(F5ba)

the provisions of Part 1 of the Welfare Reform Act 2007 relating to contributory employment and support allowance; and

(c)

this Act F6F7, Chapter II of Part I of the Social Security Act 1998 and Part II of the Social Security Contributions (Transfer of Functions, etc.) Act 1999 so far as they relate to the provisions specified in paragraphs (a) F8to (ba) above.

(3)

For the purposes of subsection (2) above, a review period is—

(a)

the period of five tax years, or

(b)

such shorter period as the F9Treasury may direct in respect of any review.

from the end of the last period to be subject to a review under this section.

(4)

It shall be the object of a review under this section to determine the extent to which level at which the National Insurance Fund stands from year to year may be expected in the longer term to bear a proper relation to demands in respect of payments of benefit; and for this purpose the Actuary shall take into account—

(a)

current rates of contributions;

(b)

the yield to be expected from contributions in the longer term; and

(c)

such other matters as he considers to be relevant as affecting the present and future level of the Fund.

(5)

After completing his review, the Government Actuary or Deputy Government Actuary shall report to the Secretary of State F10and the Treasury his opinion on the question referred to in subsection (4) above; and the F11Treasury shall lay a copy of the report before Parliament.

Annotations

Textual amendments

F1: Words in s. 166(1) substituted (11.6.96) by Jobseeker's Act 1995 (c. 18), s. 41(2), Sch. 2 para. 66(2); S.I. 1996/1509, art. 2, Sch.
F2: Words in s. 166(1)(d) substituted (5.7.1999 for specified purposes, 6.9.1999 for specified purposes, 18.10.1999 for specified purposes, 29.11.1999 for specified purposes) by Social Security Act 1998 (c. 14), s. 87(2), Sch. 7 para. 102(1); S.I. 1999/1958, art. 2(1)(b)(2), Sch. 1; S.I. 1999/2422, art. 2(c), Sch. 1; S.I. 1999/2860, art. 2(c), Sch. 1; S.I. 1999/3178, art. 2(1)(a), Sch. 1
F3: Words in s. 166(1)(d) substituted (5.7.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 7 para. 14(2); S.I. 1999/1662, art. 2(b), Sch. Pt. II
F4: Words in s. 166(2) substituted (11.6.96) by Jobseeker's Act 1995 (c. 18), s. 41(2), Sch. 2 para. 66(3); S.I. 1996/1509, art. 2, Sch.
F5: S. 166(2)(ba) inserted (27.10.2008) by Welfare Reform Act 2007 (c. 5), s. 70(2), Sch. 3 para. 10(27)(a); S.I. 2008/787, art. 2(4)(f)
F6: Words in s. 166(2)(c) substituted (5.7.1999 for specified purposes, 6.9.1999 for specified purposes, 18.10.1999 for specified purposes, 29.11.1999 for specified purposes) by Social Security Act 1998 (c. 14), s. 87(2), Sch. 7 para. 102(2); S.I. 1999/1958, art. 2(1)(b)(2), Sch. 1; S.I. 1999/2422, art. 2(c), Sch. 1; S.I. 1999/2860, art. 2(c), Sch. 1; S.I. 1999/3178, art. 2(1)(a), Sch. 1
F7: Words in s. 166(2)(c) substituted (5.7.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 7 para. 14(3); S.I. 1999/1662, art. 2(b), Sch. Pt. II
F8: Words in s. 166(2)(c) substituted (27.10.2008) by Welfare Reform Act 2007 (c. 5), s. 70(2), Sch. 3 para. 10(27)(b); S.I. 2008/787, art. 2(4)(f)
F9: Word in s. 166(3)(b) substituted (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 3 para. 55(2); S.I. 1999/527, art. 2(b), Sch. 2
F10: Words in s. 166(5) inserted (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 3 para. 55(3)(a); S.I. 1999/527, art. 2(b), Sch. 2
F11: Word in s. 166(5) substituted (1.4.1999) by Social Security Contributions (Transfer of Functions, etc.) Act 1999 (c. 2), s. 28(3), Sch. 3 para. 55(3)(b); S.I. 1999/527, art. 2(b), Sch. 2

Modifications

C1: S. 166 modified (temp.) (1.4.1999) by The Social Security Contributions, etc. (Decisions and Appeals—Transitional Modifications) Regulations 1999 (S.I. 1999/978), regs. 1, 2, Sch.