20/02/2025
The Church of England Pensions Board ('the Board’) has published its 2024 Annual Review, highlighting the progress made in growing its pension funds and offering greater choice and support to members as it approaches its’ 100th anniversary in 2026.
“Careful stewardship of our members’ funds over the last year has meant that the Church’s pension schemes enter 2025 on a firm financial footing," said John Ball, Chief Executive of the Board. "As we look ahead to our centenary in 2026, we are in a good position to offer our members greater support and choice in their retirement plans”
The Board plays a pivotal role in the lives of many individuals connected to the Church of England. With approximately 44,000 members and around 700 participating Church organisations, the Board manages £3.4 billion of pension savings invested sustainably. Additionally, the Board provides retirement housing for 2,400 residents.
Over the past year, the Board has invested prudently, navigating the challenges posed by inflation and increases in the cost-of-living for members. At the same time, it has acted as a responsible investment steward, using its influence to promote good governance and sustainability.
Key highlights from 2024 include:
Delivering a total return of 9.4% within the Common Investment Fund, which pools return-seeking assets across its pension schemes.
Locking-in investment gains through a £160m ‘buy-in’ transaction to fully insure benefits in the Church Workers Defined Benefit Scheme.
Refinanced a £50m debt facility for its charitable housing activities on improved terms.
Chairing the Global Investor Commission on Mining 2030 and publishing its first major report aimed at supporting a more socially and environmentally responsible mining sector.
Looking ahead, the Board’s consultations on ways in which the Church could enable greater choice for clergy in their retirement plans received a huge response, with 87% of clergy respondents supporting the concept and ideas raised. These included providing more support in ministry, for example through helping clergy with long-term saving and home ownership in ministry.
The Board is also supporting the review aimed at improving clergy stipends and pensions, initiated by General Synod. Additionally, the Board welcomed the recent release of the Government’s consultation on multi-employer Collective Defined Contribution Pensions schemes, which might offer a route to better pensions for many savers across the UK, including potentially within the Church.
Read the full 2024 Annual Review here.