Church of England Pensions Measure 2018

33 Administration of scheme etc.

(1) The Board must continue to administer the past service scheme.

(2) The things which the Board may do for the purpose of exercising that function include—

(a) entering into agreements for the receipt and payment of actuarial equivalents of contributions or pensions;

(b) borrowing money to make payments of pensions or lump sum payments in respect of deceased clerks;

(c) securing money borrowed under paragraph (b) in whatever manner and on whatever terms and conditions the Board thinks fit.

(3) The Church Commissioners may, after consulting the Board, give the Board general directions as to the exercise by the Board of its functions in connection with the past service scheme.

(4) The Commissioners may give a direction under subsection (3) only if it appears to them to be necessary or appropriate for securing a due balance between—

(a) the amount of the liability imposed on their general fund by virtue of section 31(3), and

(b) the resources of their general fund available for meeting that liability.

(5) The Board must give effect to any direction given under subsection (3).