Report of the Church of Ireland Pensions Board
There have been a number of changes in membership in the Board over the past year. Following on from his retiring as Chairperson of the Board, Canon JLB Deane resigned from the Board itself. The Board thanked Canon Deane for his considerable contribution over the years. One of the original members of the Board, Canon Deane served as Chairperson since 1990 and has been keenly involved in the Fund since its establishment.
Because of his great knowledge of the Clergy Pensions Fund, the Board has asked him to continue to act as Honorary Consultant. Seconding the report of the Pensions Board today, the Revd Ted Woods (Dublin) paid tribute to Canon Deane’s vast knowledge, his well informed views and his remarkable grasp of the intricacies of constitutions and bills. “But more than any of these things he was caring, considerate and concerned for the members of the Pensions Fund, both clergy and their surviving spouses”, Revd Woods said.
The Board also expressed its gratitude to Revd Canon Victor McKeon and Mr David Hannon who also retired from the Board during the year. Following on from these changes, Lady Shiel was appointed as Chairperson, Mr Forysth as Vice-Chairperson and Archdeacon McLean as Honorary Secretary. Revd John McDowell and Mr Geoffrey Perrin were also welcomed onto the Board.
Despite the present trend of many employers to reduce benefits, the Church of Ireland Pensions Board remains committed to keeping the fund a Defined Benefit Scheme. Proposing the report to the Synod, Mr Geoffrey Perrin (Dublin) emphasized the quality of the current scheme and the importance of retaining the current levels of benefits. However, such issues as improved longevity and relatively low interest rates puts further pressure on the fund and he told Synod that “if it does come to a choice between altering the current Defined Benefit scheme or increasing contributions again to ensure the scheme’s solvency, then the latter is much more attractive.” Mr Perrin also appealed to scheme members to increase their Additional Personal Contributions to ensure strong returns.
Revd Canon Brian Courtney (Clogher) drew the Synod’s attention to the Civil Partnership Act 2004 (UK) and asked what pension arrangements had been agreed by the other Churches on this matter.
Regarding the invested assets of the Pensions Board, Revd Canon George Hilliard (Cork) was pleased that the British American Tobacco Company is no longer in the top 20 of the Church’s largest holdings. However, Canon Hilliard did express his concern to Synod that the Church continues to have large amounts of money invested in Cement Roadstone Holdings.
The read the Financial Statements of the Pensions Board, please click here.