Church of England (Pensions) Measure 2003 No. 2

5 Extension of powers of Church Commissioners to spend capital

For section 7 of the Pensions Measure 1997 (1997 No. 1) there shall be substituted the following section—

“7 Application of capital

(1) The Commissioners may, within the period expiring with 31st December 2004, apply capital funds for the purpose of meeting the cost of any grant made under section 6 above.

(2) The Commissioners may, within the period expiring with 31st December 2011, apply capital funds for the purpose of meeting the cost of—

(a) any pension or lump sum due to be paid under the past service scheme; or

(b) any pension or lump sum payment payable under the Church Commissioners Superannuation Scheme insofar as it is attributable to a period of service before the appointed day.

(3) In this section “capital funds” means funds held by the Commissioners, the income from which forms part of the Commissioners general fund.”.