Commissioners for the Reduction of the National Debt - Investment Accounts
Northern Ireland National Insurance Fund Account
Until 31 March 1999, the Northern Ireland National Insurance Fund (NINIF) was controlled and managed by the DHSS (NI) whilst the Department for Finance and Personnel was responsible for investing the money in the Fund.
By virtue of amendments made to the Social Security Administration (Northern Ireland) Act 1992 by the Social Security Contributions (Transfer of Functions etc) (Northern Ireland) Order 1999, control and management of the Fund was passed to the Inland Revenue (now HM Revenue and Customs (HMRC)) and CRND became responsible for the Fund's investments. The portfolio of gilts comprising the Fund was transferred to CRND in December 2000.
Following a review by HMRC, HM Treasury and CRND, a change to the NINIF investment strategy was approved in December 2006; this change has resulted in lower administrative charges to the NINIF. The change was effected in January 2007 when all the Investment Account’s gilt holdings were sold and the proceeds placed into the Debt Management Account Deposit Facility. Since then, the earnings of the Investment Account have been much more closely aligned to the Official Bank of England Rate (Base Rate).