Quinquennial Review of the National Insurance Fund as at April 2005.
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Under the Social Security Administration Act 1992 Chapter 5 (Section 166), the Government Actuary is required to review the operation of the National Insurance Scheme of Great Britain (the ‘Fund’) at least every five years. The object of this review is ‘to determine the extent to which the 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’.