C4C5Part III Finance and Administration
Pt. III (ss. 17–34) extended by Deacons (Ordination of Women) Measure 1986 (No. 4, SIF 21:5), s. 3(1)
Financial Provisions
17 Payments out of general fund of Commissioners.
F11
Subject to section 7 of the Pensions Measure 1997 (which relates to the use of capital funds), all payments to be made by the Commissioners under subsection (2) below shall be made out of their general fund.
2
The Commissioners shall pay to the Board such sums as are required by the Board for the payments to be made by them under the past service scheme.
3
The Commissioners shall have power to make from time to time to the Board grants out of their general fund F2or loans of such amounts as they may think expedient F2and, in the case of any loan, on such terms as they think fit for any purpose connected with the payment of pensions to F3retired scheme members or to the widows, widowersF52, surviving civil partners and dependants of deceased scheme membersF2or with the powers of the Board under section 26 of this Measure.
18 Clergy (Widows and Dependants) Pensions Fund.
1
The Board shall continue to administer the Clergy (Widows and Dependants) Pensions Fund established under the M1Clergy Pensions Measure 1954.
F42
The Board shall pay out of the said Fund all payments required to be made by them in respect of contributions or other sums received by them under section 11, 13, 14 or 15 of this Measure.
3
If at any time it appears to the Board, after the valuation provided for by subsection (4) of section thirty-four of this Measure, that the Clergy (Widows and Dependants) Pensions Fund is more than sufficient to discharge the liabilities imposed on them by F5in respect of contributions or other sums received by them under section 11, 13, 14 or 15 of this Measure, the Board may direct, . . . F6, that the surplus or any part thereof be applied F7for the increase of pensions or capital sums payable in respect of those contributions or other sums.
F4319 Clergy Pensions Augmentation Fund.
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F4420 Clergy (Widows and Dependants) Pensions Augmentation Fund.
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Constitution of the Board
21 Constitution of Board.
1
There shall continue to be a board to be called “The Church of England Pensions Board” (in this Measure referred to as “the Board”) and the Board shall exercise and perform the functions assigned to them by this Measure.
2
The Board shall be a body corporate with perpetual succession and a common seal.
F83
The Board shall consist of twenty members (of whom eight shall be representative of the members of the pension schemes administered by the Board) chosen in such manner, whether by election or by appointment, as may be prescribed by regulations made under section 6 of the M2 Clergy Pensions (Amendment) Measure 1972.
F94
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C1F95
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F96
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F97
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F98
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9
The Board may act notwithstanding a vacancy among the members thereof.
10
The quorum of the Board shall be F10six, including at least two persons representing the members of the pensions schemes administered by the Board.
F6010A
The Board shall have power to appoint such committees and may delegate to them such functions as they think fit and persons who are not members of the Board may be appointed to any such committee.
11
Subject to the foregoing provisions of this section, the Board may make standing orders regulating their own procedure.
12
The common seal of the Board shall be judicially noticed and shall be authenticated by the signature of the secretary or of some other officer of the Board authorised by the Board to act for that purpose.
13
Any document purporting to be a document duly executed under the seal of the Board shall be received in evidence and shall, unless the contrary is proved, be deemed to be so executed.
22 Provisions as to officers and servants, and working expenses, of the Board.
1
Subject to the provisions of this Measure, the Board may appoint such officers and servants as may be necessary for the purpose of carrying this Measure into effect, and may determine their duties and remuneration.
2
a
the salaries or other remuneration of the officers and servants of the Board, and
b
the working expenses of the Board.
F133
The Commissioners may make payments to the Board out of their general fund for the purpose of meeting so much of the administrative expenses of the Board as appears to the Board to be proportionate to the work undertaken by the Board in the administration of the past-service scheme and other matters in respect of which the Commissioners have a financial interest.
F1423. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Powers of the Board
24 General functions of the Board in relation to pensions.
The Board shall F15administer the past service scheme and the funded scheme and for that purpose shall have power:—
a
to enter into agreements for the receipt and payment of actuarial equivalents of any contributions or pensions under this Measure F16or the Pensions Measure 1997; and
25 Power of Commissioners to give directions as to exercise of functions of Board.
The Commissioners may, after consultation with the Board, give to the Board directions of a general character as to the exercise and performance by the Board of their functions F19in connection with the past service scheme, being directions which appear to the Commissioners to be requisite or expedient for securing a due balance between the amounts respectively of the liability imposed on their general fund by virtue of subsection (1) and subsection (2) of section seventeen of this Measure on the one hand and the resources of that fund available for meeting the liability on the other hand, and the Board shall give effect to any such directions.
C326 Powers of Board as to provision of residences. C2
1
The Board shall have power:—
F20a
b
c
to assist others in providing, maintaining or managing any such homes as are mentioned in the two last foregoing paragraphs; and
d
to assist others in maintaining any such persons as are mentioned in paragraphs (a) and (b) of this subsection in homes of residence for such persons and other persons.
e
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2
For the purposes of exercising any of their powers under the last foregoing subsection the Board may:—
a
acquire, hold, maintain, convert or repair any land or buildings;
b
assist other persons in acquiring, maintaining, converting or repairing any land or buildings;
c
construct or improve, or assist other persons in the construction or improvement of, houses or buildings of any kind.
3
Each of the several acts and things which the Board have power to do by virtue of the foregoing provisions of this section may be done either alone or in conjunction with other persons.
F22F233A
F23The Board shall have power to make a loan, on such terms as the Board think fit—
a
to a clerk, deaconess or licensed lay worker who has retired or has attained the requisite age; or
b
to assist him or her to purchase, build, rebuild or improve a dwelling-house (including a flat) in which he or she resides or is to reside, being a loan made on the security of the dwelling-house and in respect of a freehold interest or a leasehold interest the unexpired term of which is not less than sixty years; and any loan which the Board has power to make under this subsection to a person mentioned in paragraph (a) above may insteadF47 or in addition be made to the spouseF48or former spouseF55or civil partner or former civil partner of that person.
In this subsection “the requisite age” means three years below retiring age or such other age below retiring age as the General Synod may by resolution from time to time determine in relation to the retiring age for men or in relation to the retiring age for women.
A resolution shall not be made except on a recommendation of the Board made with the concurrence of the Commissioners and a resolution may be in accordance with, or different from, a recommendation.
F243B
A resolution under subsection (3A) aboveshall not affect a loan made by the Board before the resolution takes effect.
F504
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5
Nothing in this section shall authorise the Board to acquire, hold or apply any property, whether real or personal, for any purposes other than charitable purposes.
27 Power of Board to administer pensions schemes for church workers.
F251
The Board shall have power to establish, administer or participate with others in the administration of pensions schemes for the benefit of church workers or F57widows, widowers, surviving civil partners or dependants of such workers and may, in conjunction with the exercise of their said powers, acquire and hold property, whether real or personal, either alone or jointly with others.
F262
A deaconess or licensed lay worker who is performing, or has performed, service which is, or is treated as, pensionable service for the purposes of this Measure shall not be eligible to join a scheme established or administered under this section, unless the Board at their discretion grant the deaconess or lay worker permission to do so.
3
The Board may at their discretion grant a clerk permission to join a scheme established or administered under this section.
4
A person who is a member of a scheme established or administered under this section shall be disqualified from continued membership thereof if the service performed by that person becomes service which is, or is treated as, pensionable service for the purposes of this Measure.
F5128 Power of Board to establish Church Workers Pensions Augmentation Fund.
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29 Board to be a housing association.
The Board shall be deemed to be a housing association within the meaning of F27section 1(1) of the Housing Associations Act 1985.
30 Power of Board to act as trustee.
1
The Board shall have power to accept a transfer of any property (whether real or personal) subject to existing charitable trusts for the benefit of retired clerks or church workers or theF58widows, widowers, surviving civil partners or dependants of deceased clerks or church workers and to administer any such property as trustee thereof.
2
The Board shall also have power to act as custodian trustee, or otherwise to act as trustee for limited purposes only of any property (whether real or personal) subject to charitable trusts for the benefit of retired clerks or church workers or the F58widows, widowers, surviving civil partners or dependants of deceased clerks or church workers; and subsections (1) and (2) of section four of the M3Public Trustee Act 1906 shall apply to the Board in like manner as they apply to the public trustee.
31 Board to be a trust corporation.
32 Investment powers of Board.
F291
Without prejudice to section 32A of this Measure, the Board may invest any moneys in their hands and available for investment—
F30a
in any investments in which trustees may invest under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);
b
in the acquisition of freehold land in England and Wales or of leasehold land in England and Wales of which the unexpired term at the time of acquisition is not less than sixty years, and
c
in any investment fund or deposit fund constituted under the Church Funds Investment Measure 1958.
2
The Board may retain any investment given to them by way of legacy or otherwise notwithstanding that it is not an investment which the Board would have power to acquire under subsection (1) above.
F313
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4
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8
In this section, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—
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“property” includes real or personal property of any description, but does not include any land or building used for the purposes of a home of residence under section twenty-six of this Measure;
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9
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32AF34Investment of moneys comprised in certain funds.
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1
The Board may invest any moneys comprised in a fund to which this section applies and available for investment in the purchase of any investments or property of any sort either real or personal and whether or not being investments or property authorised by the general law for the investment of trust funds, or upon loan upon the security of any property of any description or without security and may also from time to time vary such investments.
2
Moneys comprised in a fund to which this section applies which the Board do not think fit immediately to invest may be deposited at any bank.
3
In relation to land, whether freehold or leasehold, the Board may exercise all the powers of management of improvement which could be exercised by an absolute owner holding the land beneficially.
4
The funds to which this section applies are the Clergy (Widows and Dependants) Pensions Fund established under section 13 of the M9Clergy Pensions Measure 1954, the Church Workers Pensions Fund established under section 27 of this Measure and any other pensions fund established under a pensions scheme by the Board after the commencement of the M10Clergy Pensions (Amendment) Measure 1982, being a fund which is to be administered by the Board.
F3533. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit of accounts of pensions funds, etc.
34 Audit of accounts of pensions funds, etc .
1
2
3
The Board shall present annually to the Church Assembly a report with respect to any such fund or property as aforesaid.
Pt. III (ss. 17–34) amended by Clergy Pensions (Amendment) Measure 1972 (No. 5, SIF 21:5), s. 6(3)