Manx National Insurance Fund
The Manx National Insurance Fund ('the Fund') is maintained under the control and management of the Treasury.
National Insurance contributions are paid into the Fund less an amount allocated to the IOM National Health Service. Certain social security benefits (predominantly state pensions and the Manx Pension Supplement) and administrative expenses are paid out of the Fund.
Accounts of the Fund are prepared periodically and then examined and certified by the UK Government Actuary's Department (GAD). GAD then reports on those accounts and copies of the accounts and GAD's report on them are subsequently laid before Tynwald.
Any money in the Fund may be paid over to the Treasury and invested as directed by the Treasury.
The Treasury must present to Tynwald each year an account of the securities in which money in the Fund is invested.
Review and report on the Manx National Insurance Fund
Every 5 years (or possibly sooner) the Treasury asks GAD to review the operation of the Social Security Acts in the Isle of Man, i.e. certain IOM social security contributions and benefits legislation.
The object of the review is to determine the extent to which the level at which the Fund stands from year to year may be expected in the longer term to meet the cost of paying benefits out of the Fund.
For this purpose GAD takes into account:
(a) current rates of National Insurance contributions or any higher rates of contributions GAD thinks are likely to be payable in the future
(b) the yield expected from National Insurance contributions in the longer term
(c) any other matters GAD considers relevant affecting the present and future level of the Fund.
After completing the review, GAD reports to the Treasury their opinion on (a), (b) and (c) above. Treasury must then lay a copy of GAD's report before Tynwald.
