Social security pot sees 22% drop

The fund which holds all of Jersey's social security contributions has lost about £150m.

The Social Security Reserve Fund is currently worth £529m, a 22% drop compared to its total last year of nearly £680m.

The Treasury Department said that, despite this, the States' main savings funds, including the Strategic Reserve, had fared well in the current climate.

The Strategic Reserve has dropped in value by 4% to £502m.

Although the losses have been in the hundreds of millions, the States said its funds had done better than the FTSE 100 index, which, in comparison, fell 32% in the same period.

The Treasury Department said it did not need the money from the Social Security Reserve Fund for at least the next five years as social security payments were currently being met from contributions.