PART 3

The past service scheme

General

Administration of scheme etc.
33
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).
S. 33 in force at 1.3.2019 by S.I. 2019/98, art. 2