The Rev Ted Woods, proposing the Report of the Pensions Board to the General Synod, told members that the Report represented both "good news and bad news", with the main issue facing the Clergy Pensions Fund being the current deficit in the Fund, which was largely a result of market forces and reduced investment returns.  Mr Woods reminded members that this deficit had already resulted in a need for increased contributions to the Fund as from January 2011, while the Representative Church Body had also committed to a series of capital injections into the Fund.

The debate on the Report focused largely on the recent announcement by the government in the Republic of Ireland that it proposes to put in place a levy on pensions, the details of which are as yet unknown.  The concept of a levy, although currently undefined, was seen as potentially threatening to pension funds generally and in particular to the Clergy Pensions Fund and the standard of living of retired clergy.  The importance of monitoring the emerging details of the proposals and responding appropriately was emphasised.