Church of England Pensions Measure 2018

9 Church of England Pensions Fund

(1) The fund known as the Church of England Pensions Fund, constituted and maintained under the funded scheme, is to continue to have effect.

(2) In the case of each member of the funded scheme, the body responsible for that member must make contributions for the purposes of the scheme by paying the Board such sums as the Board determines.

(3) Before making a determination under subsection (2), the Board must—

(a) consult the responsible bodies, and

(b) obtain the advice of an actuary.

(4) A determination by the Board under subsection (2) must be consistent with the advice it obtains under subsection (3)(b).

(5) The Board must pay into the Church of England Pensions Fund—

(a) every contribution it receives under subsection (2), and

(b) all other money it receives for the purposes of the funded scheme.

(6) All payments by the Board in respect of pensions and lump sum payments arising or to be provided under the funded scheme must be made out of the Church of England Pensions Fund.

(7) A payment required under subsection (2) must be made at the end of each month.

(8) If the body responsible for a member of the funded scheme does not make a payment required under subsection (2) when it is due, the Board may, in determining the amount of subsequent payments, add interest on the amount of the arrears at such rate as the Board considers appropriate.