Which of the following is a key responsibility of HMRC?

The administration of National Insurance is indeed a key responsibility of HMRC. This involves overseeing the contributions that individuals and employers make towards National Insurance, which is crucial for funding various benefits and the state pension system. HMRC ensures that these contributions are collected efficiently, records are maintained accurately, and that individuals and businesses understand their obligations regarding National Insurance contributions.

National Insurance is integral to the UK's social security system, impacting entitlement to benefits such as the state pension, maternity allowance, and other social welfare programs. HMRC's role in this area helps to maintain the integrity and sustainability of these systems by ensuring compliance and proper collection of contributions.

Other responsibilities listed, such as the collection of student loans and management of pensions, fall outside the direct remit of HMRC. Instead, organizations like the Student Loans Company handle student loans, and pension management generally involves various regulatory bodies and pension providers. Therefore, while HMRC plays a significant role in evaluating corporate compliance as part of tax administration and regulation, its specific and critical function in terms of National Insurance administration clearly underscores its importance in the UK’s fiscal and social policy framework.