TUESDAY'S NEWS
Pension funding and ethical investment - Pensions
Board report debated
Proposing the report of the Church of Ireland Pensions Board the
Most Reverend JRW Neill, Archbishop of Dublin, said that decisive
action by the Pensions Board in response to this year's actuarial
evaluation had been essential to maintain the security of the clergy
pension fund.
He reminded Synod members of the particular difficulties facing
members of the clergy, who live in tied houses and benefit neither
from mortgage relief nor from having the value of the housing component
included in their pension payments, and paid tribute to the Church
of Ireland Pensions Board, reminding Synod that responsible stewardship
of funds and a realistic attitude to benefits were making it possible
to maintain the levels of benefit that had been achieved through
many years of hard work and planning.
Mr David Hannon of the Diocese of Down and Dromore, seconding
the report, warmly acknowledged the contribution to the Pensions
Board made by Hilary Morrison of Connor Diocese, who recently resigned
from the Board, having contributed during his years of service
a wealth of financial and investment experience.
The Synod joined
with Mr Hannon in acknowledging Mr Morrison’s contribution
with a heartfelt round of applause.
During the debate on the Board’s report, the Rev Canon Michael
Kennedy of Armagh Diocese wondered whether it was appropriate for
the Church of Ireland to have substantial holdings in tobacco companies.
The Very Rev Michael Burrows, Dean of Cork, also asked whether
this was consonant with policy on socially responsible investment.
Mr Hilary Morrison commented that investments in tobacco companies
constituted about 1% of the total portfolio.
Responding to the points raised, the Archbishop of Dublin welcomed
the emphasis of the debate on consistency in where the Church put
its money and what it called for in society. He told the Synod
that the ethical review of the central Church’s investment
policy was ongoing and the RCB’s Investment Committee would
be giving further consideration to the issues at its future meetings.
There were “no easy answers”, he concluded, but “we
have to be consistent as a church”.
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