The following draft Bill will be
debated during this year's General Synod. For further information on
amendments and passage through General Synod please contact the
General Synod Press Office
BILL NO 1
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Explanatory Memorandum
The triennial actuarial valuation of the Fund, at 30 September
2003, particulars of which are included in the Report of the Church
of Ireland Pensions Board, indicated that the assets of the Fund
were insufficient to meet accrued liabilities.
The Actuary has recommended an increase in annual total contributions
to the Fund of 3.1% to enable the Trustees to pay future benefits
under the Fund as they fall due while maintaining the solvency
of the Fund.
The Representative Church Body and the Church of Ireland Pensions
Board have agreed that part of the cost of this increase should
be shared in similar proportions to the existing contributions
being made by members and parishes/dioceses. This necessitates
amendment of sections 34 and 35 of Chapter XIV of the Constitution
which provide for the manner in which contributions are made to
the Fund and details the rates of contribution.
The proposed changes, which would be effective from 1 January
2005, would increase by 0.5% from 4.8% to 5.3% of minimum approved
stipend the amount of contribution from a member. The assessment
on parishes/dioceses would be increased from 14.4% of minimum approved
stipend to 15.9%, an increase of 1.5%.
The Representative Church Body itself would be required to contribute
an increase of 1.1%, from 6.6% to 7.7%, bringing an overall increase
in annual total contributions to the Fund of 3.1% which should
suffice to maintain the solvency of the Church of Ireland Pensions
Fund.
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MR DG PERRIN
LADY SHEIL
(at the request of the Representative Church Body)
Bill
To amend Chapter XIV of the Constitution
WHEREAS an increase in the annual total contribution made to
the Church of Ireland Pensions Fund, established under Chapter
XIV
of the Constitution and hereinafter referred to as “the Fund”,
is required to maintain the solvency of the Fund;
AND WHEREAS for such purposes it is necessary to amend Chapter
XIV of the Constitution;
AND WHEREAS the Church of Ireland Pensions Board has certified
that on the enactment of this Statute the Fund will remain solvent
as required by Section 16(1) of Chapter XIV of the Constitution;
Be it enacted by the Archbishops and Bishops and the clergy and
laity of the Church of Ireland in General Synod assembled in Armagh
in the year 2004, and by the authority of the same as follows:-
- In this Statute “Chapter XIV” means Chapter
XIV of the Constitution of the Church of Ireland 2003.
- In Section 34 of Chapter XIV for “1st January 1980” there
shall be substituted “1st January 2005” and for the
figure “19.20%” there shall be substituted the figure “21.2%”.
- (i) In section 35(1) of Chapter XIV for the figure “4.8%” wherever
it occurs there shall be substituted the figure “5.3%”.
(ii) In section 35(1) of Chapter XIV for the figure “14.4%” wherever
it occurs there shall be substituted the figure “15.9%”.
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