26 July 2017
The Church of England Pensions Board (“the Board”) has today
published its Annual Report and Accounts for 2016, and the Report
and Accounts for each of the four pension schemes of which the
Board is the corporate trustee.
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 38,000 people, including more than
10,000 retired clergy, over 3,000 retired “Church Workers” who were
employed at some cathedrals, diocesan and parish offices and other
agencies, and over 800 retired staff of the National Church
Institutions. It also provides housing for retired clergy and their
The total return for all pension assets in 2016 was 21.2%. This
was the strongest return overall for the Board’s pension scheme
assets since performance records began in 2003.
Talking about investing the funds in an ethical manner, Dr
Jonathan Spencer, Chairman of the Pensions Board, said: “We played
a key role in the development of the Transition Pathway Initiative
(TPI) – a join initiative by the National Investing Bodies of the
Church of England and the Environment Agency Pension
“The TPI enables us, and others, to make informed judgements
about how companies with the biggest impact on climate change are
adapting their business models to prepare for the transition to a
low carbon economy. Its development was a significant international
intervention by the Church investors, and attracted the support of
other asset owners and funds that together have over £2 trillion in
assets under management. We will be using the TPI analysis to
engage with companies.
“This initiative delivers on the commitments we made, in our
climate change policy, to play our part in supporting the
transition to a low carbon economy.”
On the pensions front, the Board concluded the valuation for the
Church of England Funded Pensions Scheme, which provides pensions
and associated benefits for clergy and others in stipendiary
ministry. There was no change in the contribution rate payable by
the Responsible Bodies.
The full reports can be downloaded at:
An executive summary can be found here.
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 is made up
of two 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.
The Board applies all the ethical investment policies
recommended by the Church’s Ethical Investment Advisory Group.