A department of the Inland Revenue which has from 6 April 1999, taken over responsibility for administering the collection and recording of national insurance contributions from the Contributions Agency of the Department of Social Security. A unique reference number which is used to identify your national insurance contribution record and entitlement to social security benefits. A scheme which provides pensions and other social security benefits. Some benefits are dependent on contributions you have paid, whilst other benefits are means tested. Employees pay higher contributions and have a greater entitlement to benefits than do the selfemployed.
Contributions are also payable by employers.
A savings organisation backed by HM Treasury which offers a number of different savings products. Information on these is available from your local Post Office as well as from National Savings. An instant access account offered by national savings which is backed by HM Treasury. You can deposit and withdraw funds from post offices. The first 70 of interest earned is tax free, but the account pays a low rate of interest.