The Anglican Church of Canada has asked clergy for its support in a plea to Ontario pension fund regulators to give it a three year extension of time to address a cash crunch in the church’s pension plan.
In a July 2013 letter to the 1,600 active members and 2,600 retirees covered by the church pension programme the plan administrators told the clergy their approval was needed before the government would grant the plea for more time. “With funding relief, we will have three years to try to improve our plan’s funding level,” they wrote. “At the end of three years, we will do another valuation of the plan. If there is still a solvency funding shortfall, we will likely have no choice but to cut benefits.”
The average age of plan participants is 52.5….