An article in today\u2019s Financial Times, headed \u201d\u02dcVicars\u2019 pensions under threat as church is seduced by equities cult\u2019, is misconceived and fails to take adequate account of the scheme\u2019s relative age compared to other schemes, says Dr Jonathan Spencer, Chairman of the Church of England Pensions Board:<\/p>\n
\u201cThe scheme concerned is responsible for paying pensions in respect of clergy service after 1 January 1998. The fact of the matter is that this scheme remains quite \u201d\u02dcimmature\u2019 in pensions terms, with approximately \u00c2\u00a370m coming in each year to fund future pensions, and only around \u00c2\u00a312m going out. So the scheme\u2019s main liabilities are some way in the future. With this in mind, we have acted at all times in accordance with mainstream actuarial and investment advice given by the Board\u2019s professional advisors. This advice has consistently been that the Board should place the scheme\u2019s investments in equities and equity type investments, which have historically produced the best returns.<\/p>\n