Annex A
AN APPROACH TO THE SPANISH INTEREST IN THE
GIBRALTAR SOCIAL INSURANCE FUND
| | Social Insurance Fund Balance
£
| Annual Growth
% |
| 31 December 1968 | 1,308,839
| |
| 31 December 1969 | 1,528,498
| 16.78 |
| 31 December 1970 | 1,777,753
| 16.31 |
| 31 March 1971 | 1,928,883 |
8.05* |
| 31 March 1972 | 2,241,086 |
16.19 |
| 31 March 1973 | 2,392,608 |
6.76 |
| 31 March 1974 | 2,720,227 |
13.07 |
| 31 March 1975 | 3,628,557 |
33.39 |
| 31 March 1976 | 4,305,772 |
18.66 |
| 31 March 1977 | 5,035,015 |
16.94 |
| 31 March 1978 | 5,541,372 |
10.06 |
| 31 March 1979 | 6,036,157 |
8.93 |
| * (3 months) |
| (1)Mr Brown's report of 25 May 1972 gave the excess of Spaniards' contributions over benefits on 9 June 1969 as
| £538,230 |
| (2)From 31 December 1968 to 31 December 1969 the value of the Fund increased by 16.78 per cent. The percentage increase to be attributed to Spanish contributors in respect of (1) was therefore half of 16.78 per cent (ie 8.39 per cent in respect of the six months July-December). 8.39 per cent of £538,230 =
| £45,157 |
| | £583,387
|
| (3)From 31 December 1969 to 31 March 1979 the value of the Fund increased from £1,528,498 to £6,036,157, ie by 294.9 per cent. 294.9 per cent of £583,387 =
| £1,720,408 |
| | £2,303,795
|
(4)This figure may be regarded as the sum available in March 1979 to pay the pensions of all Spanish pensioners, current and future ones, until the year 2020 or thereabouts, by which time all or most would have died. From March 1979 onwards it could be regarded either as earning interest or as participating in the annual growth of the Fund as hitherto.
(5)No deduction has been made in respect of pensions paid to Spaniards in Gibraltar outside the Campo area and elsewhere abroad, which in 1978 totalled about £55,500 pa.
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