Treasury’s big funds top £1bn

Friday 14th May 2010, 2:29PM BST.

Treasury minister Charles Parkinson

THE value of the Treasury and Resources Department’s most significant funds has risen to £1.1bn in the last quarter.

The superannuation fund, which pays for the pensions of public sector workers and States members, has increased by more than 5% to £874m.

The contingency fund, which is kept in case the States needs to deal with a major emergency or downturn in the economy, fell in value by £1m. in the first three months of this year to £244m.

However, during that time £10m. was taken out of the fund as a result of a States decision to withdraw a total of £40m. to cover the 2010 budget deficit. In that context, the fund still outperformed its benchmark with returns of 3.6%.