We study the fluctuations of the Gaussian model, with conservation of the order parameter, evolving in contact with a thermal bath quenched from inverse temperature $beta _i$ to a final one $beta _f$. At every time there exists a critical value $s_c(t)$ of the variance $s$ of the order parameter per degree of freedom such that the fluctuations with $s>s_c(t)$ are characterized by a macroscopic contribution of the zero wavevector mode, similarly to what occurs in an ordinary condensation transition. We show that the probability of fluctuations with $s<inf_t [s_c(t)]$, for which condensation never occurs, rapidly converges towards a stationary behavior. By contrast, the process of populating the zero wavevector mode of the variance, which takes place for $s>inf _t [s_c(t)]$, induces a slow non-equilibrium dynamics resembling that of systems quenched across a phase transition.