(Church Times) Pensions Board accused of ”˜immoral’ loans

The daughter of a 92-year-old priest who is paying interest on a loan agreed with the Church of England Pensions Board at 8.6 per cent – more than twice the cur-rent average – has questioned the morality of the scheme.

In 1985, the Revd Eric Quin took out a shared-equity loan in order to purchase a three-bedroom cottage in Cheshire for £45,750. With his wife, he paid £20,750 to put down a 45-per-cent deposit. The Pensions Board paid the remainder, £26,500, on the understanding that it would be entitled to 55 per cent of the final sale price.

The initial interest rate was three per cent – much lower than the 12-per-cent mortgage rate at the time. This rate was gradually increased in line with the pensions of all the fund’s members. Mr Quin is now paying interest at a rate of 8.6 per cent. The property has risen in value to £200,000.

Read it all.


Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, * International News & Commentary, Anglican Provinces, Church of England (CoE), Corporations/Corporate Life, Economy, England / UK, Ethics / Moral Theology, Pensions, Personal Finance, Religion & Culture, Stock Market, The Banking System/Sector, Theology