The report of the Representative Church Body (RB) was received by the Synod today.  This report covers the main activities of the various committees of the RCB during the year, which included the management of investments, the administration of trusts and deeds of covenant, the payment of stipends and pensions, property and legal transactions as well as the support of the core work of the Church as a whole.

Proposing the Report, Mr Sydney Gamble (Derry) told Synod that, despite an increased income of 12% this year, there was still a need to remain cautious.  “Our 12% increase in income has been matched by an 11.7% increase in Allocations and whilst we should be grateful for the continued growth we should nevertheless be acutely aware of the future increasing calls on this income, not the least from the Clergy Pensions Fund,” he said.

Bill No 6 which was approved by the General Synod yesterday, and will receive its Third Reading on Thursday, aims at addressing the immediate funding issue of the Clergy Pensions Fund.  Mr Gamble warned the Synod that the uncertainty that currently surrounds the world of pensions is set to continue.  “It is not a picture of despondency but difficult decisions need to be made to ensure the stability and continuing strength of the Clergy Pensions Fund…. The Representative Church Body, at its last meeting, gave sympathetic consideration to the notion that a substantial transfer of capital might be made in an attempt to maintain in the longer term the existing benefits of the Fund.  It does, however, look to the wider Church to assist and support this objective.”

Lady Sheil (Down) thanked the RB for their consideration of this transfer of capital, acknowledging that there are many other demands on the RB Resources.  She further thanked the RB for its continuing help and support with this whole issue.  She told the Synod that the Pensions Board is continuing to consider many options with regard to the future management of the Fund and a meeting with the Actuary has been arranged for June.  Lady Sheil noted that the Bill that was placed before the Synod yesterday only meets the immediate funding needs and a lot more needs to be done to ensure the future sustainability of the Fund.  It is intended that a number of comprehensive proposals will be brought to next year’s Synod for consideration.