Bermuda?s public pension funds are in good health according to the Ministry of Finance.

As the row over the alleged indiscretions in the administration of public funds continues, Finance Minister Paula Cox said in a statement that the market values of both the Contributory Fund and the Superannuation Fund were at ?the highest level? they have ever reached.

As of July 31, the assets of the Contributory Fund had increased by $45.7 million (from a total of $937.4 million on December 31, 2004 to $983.1 million), a return of approximately four percent.

The assets of the Superannuation Fund meanwhile, stood at $342.5 million at the end of 2004, but had also increased by around four percent by the end of July this year (from $333.4 million to $342.5 million ? a $9.1 million gain).

?With annual returns averaging 15 percent, both the Superannuation Fund and the Contributory Fund again exceeded their respective policy targets,? Ms Cox said.