Government’s Public Pension Funds performed well in 2009 with an across-the-board increase, Finance Minister Paula Cox announced today.

The Contributory Pension and Superannuation plans were up 20.8 percent and 21.0 percent respectively, ranking in the 34th and 32nd percentile of Public Funds, she said.

Ms Cox attributed the rise to a diversification strategy implemented in 2001 which enabled a “much more balanced allocation” within global stock and bond markets.

Minister Cox said, "I think it important to note that 2009 was a favourable year for asset returns, following the extreme market dislocations in late 2008. I am pleased to report that as of December 31, 2009, the Contributory Pension Fund's assets totalled $1,206.9 million, ($1.2 billion) an increase of about $231 million, while the Public Service Superannuation Fund's assets totalled $397.7 million, an increase of approximately $72.2 million."

See tomorrow's Royal Gazette for the full story.