The Parliamentary Under-Secretary of State for Work and Pensions (Guy Opperman)
I want to address briefly the point about the national insurance fund that the hon. Lady raised. It is simply not true that the national insurance fund is used purely to reduce national debt. It is financed on a pay-as-you-earn basis with receipts collected in one year used to pay for certain benefit payments, including the state pension paid out in the same year.
[Official Report, 31 January 2019, Vol. 653, c. 1073.]
Letter of correction from Guy Opperman:
An error has been identified in my response to the debate.
The correct response should have been:
Guy Opperman
I want to address briefly the point about the national insurance fund that the hon. Lady raised. It is simply not true that the national insurance fund is used purely to reduce national debt. It is financed on a pay-as-you-go basis with receipts collected in one year used to pay for certain benefit payments, including the state pension paid out in the same year.