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Church of Ireland
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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

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.

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:-

  1. In this Statute “Chapter XIV” means Chapter XIV of the Constitution of the Church of Ireland 2003.
  2. 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%”.
  3. (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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