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”.