UK - The Church of England has reiterated that any negative effect the stockmarket has on its investments will not endanger clergy pensions.
First Church Estates Commissioner Andreas Whittam Smith has presented preliminary figures for the Church Commissioners’ investment performance in 2002. These, he said, confirm that it performed better than many other similar investment funds.
Whittam Smith said: “Compared with almost all other funds, these are very good figures.”
The fund’s total return in 2002 is expected to be around -10%, while average pension fund performance figures due in the next two weeks, as measured by the WM All Funds universe, are estimated to be around -14%.
The fund’s relative outperformance was achieved due to its property holdings, which comprise 40% of its portfolio.
Whittam Smith added: “If this is the rainy day, then our historic inheritance of properties, both commercial and rural, which the commissioners have held for generations will see us through.”
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