Jersey's social security fund grows by £200m

Jersey money Old age pensions account for three-quarters of "contributory" benefits in Jersey

Related Stories

Jersey's Social Security reserve fund grew by £200m to £1.16bn in 2013, as a result of stock market investing.

The performance equates to 20% growth and outstripped the UK, where shares in the country's biggest companies grew by an average of 14%.

The fund is being built by the States to help ease "the pressures of an ageing population".

Its performance was detailed in the Social Security Annual report, published on Thursday.

The department received a total of £367m divided between £185m in social security contributions and £182m from central taxation.

Total spending was £345m.

Old age pensions account for three-quarters of "contributory" benefits in Jersey and rose from a total of £146m in 2012 to £154m.

Income support, the biggest benefit funded from central taxation, cost £92m which was 1% more than in 2012.

Including three smaller funds, the Social Security Department now holds £1.33bn.

Francis Le Gresley, the outgoing minister for social security, has previously said the department's funds would be depleted by the growing pension bill if taxes are not raised.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Jersey

Weather

St Helier

17 °C 12 °C

Features

  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?


  • Oliver CromwellA brief history

    The 900 year story behind the creation of a UK parliament


  • Image of Ankor Wat using lidarJungle Atlantis

    How lasers have revealed an ancient city beneath the forest


  • TheatreBard taste? Watch

    Are trailer videos on social media spoiling theatre?


  • Agents with the US Secret Service, such as this one, are responsible for guarding the presidentHard at work

    White House break-in adds to Secret Service woes


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.