News Column

Pensions Board Publishes Annual Report for 2013

July 28, 2014



LONDON, July 28 -- The Church of England issued the following news release:

The Pensions Board has today published its full Annual Report and Accounts (https://www.churchofengland.org/media/2034822/pensions%20board%20annual%20report%20and%20financial%20statements%202013.pdf) for 2013, with investment returns outperforming their benchmarks.

It manages assets in excess of Pounds1.5 billion and operates two investment pools for its Pension Funds. The "Return Seeking" pool generated an 18.6 per cent return on its investments over 2013, and has outperformed its benchmarks for the past one, three and five years. The "Liability Matching" pool also outperformed its benchmark with a 0.6 per cent return, and has also been ahead of the benchmark over the past five and ten years.

The Pensions Board applies all the ethical investment policies recommended by the Church's Ethical Investment Advisory Group, EIAG. (http://www.churchofengland.org/about-us/structure/eiag.aspx).

The Board provides retirement services set by the Church of England for those who have served or worked for the Church. In total the Board assists some 35,000 people, including 10,118 retired clergy*, 2,518 "Church Workers" employed at some cathedrals, diocesan and parish offices and other agencies and 533 people working for the National Church Institutions (2013 figures). It also provides retirement housing and nursing home support for retired clergy and their dependants.

In 2013, the Board focused on the retirement services offered to clergy, both pensions and housing. The actuarial valuation for the Clergy Pension Scheme was completed with only a modest increase in the contribution rate and no changes to the benefits package offered to clergy. A consultation on the CHARM rental scheme was also launched. The results and changes arising from the consultation were announced earlier in July.

Work commenced on the actuarial valuation for the Church Workers fund (CWPF) in early 2014. One section of the fund did not meet the "auto-enrolment" requirements of the Pensions Act 2008. During the year, the Board worked with employers who participated in that section of the CWPF to produce a suitable alternative solution to offer their staff.

Dr Jonathan Spencer, Chairman of the Pensions Board, said: "During 2013, we worked closely with our partners in the dioceses and others to complete the clergy pension valuation in a timely manner. This partnership is important to us and, along with delivering a professional high quality service to our customers, is at the centre of our values."

Notes

The full report can be downloaded at https://www.churchofengland.org/media/2034822/pensions%20board%20annual%20report%20and%20financial%20statements%202013.pdf

An executive summary can be found at https://www.churchofengland.org/media/2035564/cofe%20review%202013%20high%20quality.pdf

*The Church of England Pensions Schemes ('CEPS') were established for the purpose of providing pensions and associated benefits for clergy and others in the stipendiary ministry. The CEPS are made up of 2 separate schemes but the benefits are provided on an identical basis and paid and administered by the Board.

Pensionable service to 31 December 1997 is the responsibility of the Church Commissioners and paid from income earned on historic assets under the Church of England Pension Measures. Service from 1 January 1998 is pensionable under the Church of England Funded Pensions Scheme ('CEFPS'). Contributions are paid by dioceses (and other Responsible Bodies) and invested in broadly the same way as any other funded pension scheme. The Board is the trustee of CEFPS and responsible for the administration and investments of the Scheme.

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