Comments: The CofE and Executive Remuneration

We have £8bn in funds?! Does anyone know what they are for (apart from the pension fund obviously)?
I have always gainsaid anyone claiming the church is 'wealthy' - my parish certainly isn't, apart from in ancient buildings that cost a fortune to maintain. But maybe I'm wrong.

Posted by Cathy at Saturday, 20 April 2013 at 9:26am BST

Cathy

All the figures below are for 2011, the latest available.

Of the total the Church Commissioners (CC) had assets valued at £5.2 billion. These assets generated income that allowed them to spend
* £115m on clergy pensions
* £38m supporting parish ministry (mainly grants to needier dioceses)
* £31m supporting archbishops and archbishops
* £8m supporting cathedrals
and a few millions on other things.

That is actually more than the income, but several years ago it was decided that the only way that the church could continue to be able to pay clergy pensions was to use CC capital. In addition the CC are now only responsible for pensions earned by clergy before 1998. Later service is the responsibility of the CofE Pensions Board which has assets of £785m for clergy pensions and £378m for other (lay) pensions.

The remainder of the £8bn is invested by CCLA on behalf of many CofE bodies at all levels (eg parishes, cathedrals, deanery synods, dioceses and Church of England schools).

If you want more detail visit these pages for, respectively, the CC, the Pensions Board and CCLA.

http://tinyurl.com/cxflvdj
http://tinyurl.com/cj2o6c4
http://www.ccla.co.uk/

Posted by Peter Owen at Saturday, 20 April 2013 at 3:47pm BST

Thank you. It still seems like a lot of money, but that's a helpful clarification.

Posted by Cathy at Saturday, 20 April 2013 at 9:33pm BST
Post a comment









Remember personal info?






Please note that comments are limited to 400 words. Comments that are longer than 400 words will not be approved.

Cookies are used to remember your personal information between visits to the site. This information is stored on your computer and used to refill the text boxes on your next visit. Any cookie is deleted if you select 'No'. By ticking 'Yes' you agree to this use of a cookie by this site. No third-party cookies are used, and cookies are not used for analytical, advertising, or other purposes.