Proposing the report of the Church of Ireland Pensions Board, Mr Geoffrey Perrin (Dublin) stated 'it is the clear intention of the RB, and every member of the  Pensions Board, to do all it can to maintain the Defined Benefit pension scheme which currently exists for clergy, and to maintain it as a non-integrated scheme'

The report comes against the backdrop of the last 12 months, which have been one of the most difficult for the global banking industry and equity markets since the 1930s. At 31 December 2008, the Clergy Pensions Fund was in deficit and the short-term outlook remains extremely challenging.

The Defined Benefit pension scheme means that when clergy pensions are paid they are in addition to the state pension and no deduction (for the state pension) is made from the clergy scheme as happens in the majority of schemes.

Mr Perrin stressed though that 'the church is under the same responsibilities as all other organizations with a Pensions Crisis, that is, to act responsibly, and ensure that it does not allow a gap to open between what it promises, and what it can afford to pay in the long term'.

However he warned against the temptation to switch to a Defined Contributions pensions scheme, which he described as 'cheaper (for the employer) and worse (for the employee)'.

Mr Perrin outlined how the Defined Benefit scheme was more secure but more costly, therefore commended Bill No 3 to be passed by Synod. The Bill would allow a new funding proposal to be submitted to the Irish Pensions Board and therefore would approve increased diocesan and parish contributions as well as a 2% increase from individual clergy.

Seconding the report, Ven. Donald McLean (Derry) told Synod members that 'The role of the Governments and the Pensions Regulators are of vital importance at this time. A firm lead needs to go out from both to sponsors and trustees that makes it clear that the best interests of pension scheme members will be delivered by trustees and sponsors working together to ensure sponsors are able to continue to support ongoing defined benefit schemes.  That is our belief.'

Ven. McLean also reported on the Board's plans for an Ill health/income protection scheme for clergy, which in the current climate will have to be postponed until 2010, when a Bill drawn up by a working group consisting of members of the Board and the RCB Executive, is presented to next year's Synod.

During the discussion on the report, there was dismay expressed at the number of people that left the Synod room, failing to hear the update on the pensions crisis.

The report was received by members of the General Synod.