States pension fund 'drops £30m'

The fund set aside for States pensions in Guernsey has fallen by £30m during the first three months of the year, according to recent figures.

The Social Security Investment fund now stands at £488m - a drop of 7% on the previous quarter.

As well as pensions, the money covers benefits such as long-term sickness, unemployment and prescription charges.

Year-on-year the fund has fallen by more than 17% because of the fall in the global stock markets.

However Social Security Minister, Mark Dorey, said he was optimistic the fund would pick up.

He said there has been a significant upturn since April and added that the second-quarter figures should look better if the recent recovery in the market holds.