UK - Church of England dioceses have voted overwhelmingly to retain the church's £135m defined benefit scheme.
The vote is revealed in a church report – Clergy Stipends, Pensions and Other Financial Issues.
The report – which sought feedback from dioceses on ways of cutting pension costs – will be discussed at a meeting of the Church of England’s financial issues working group tomorrow (November 14).
But a final decision will be made by the CofE Synod next year.
The report shows that 37 out of 41 dioceses favour retaining a DB pension scheme.
The report also recommends that:
- The introduction of member contributions should not be considered at the moment but should be kept under review.- Contracting-in should be reviewed at least every five years.- Post-retirement pension increases should become based on the retail price index – not stipend – and the accrual period for a full pension should be increased from 37 to 40 years, in each case in respect of future service only.
The report also revealed that the Church of England Funded Pensions Scheme is taking advantage of lower stock prices and is buying rather than selling equities.
The scheme was established in 1998.
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