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Part IIIE Finance and Administration

Modifications etc. (not altering text)

Powers of the BoardE

24 General functions of the Board in relation to pensions.E

The Board shall [F1administer 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 [F2or the Pensions Measure 1997]; and

(b)to borrow money for the purposes of [F3pensions or lump sum payments in respect of deceased clerks] and to secure the money [F4in such manner and upon such terms and conditions as the Board think fit].

Textual Amendments

25 Power of Commissioners to give directions as to exercise of functions of Board.E

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 [F5in 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.

Textual Amendments

26 Powers of Board as to provision of residences. E

(1)The Board shall have power:—

[F6(a)to provide, maintain and manage homes for the residence of retired clerks, deaconesses and licensed lay workers and the spouses[F7 or former spouses [F8and civil partners or former civil partners]] of retired clerks, deaconesses and licensed lay workers;

(b)to provide, maintain and manage homes for the residence of the widows, widowers[F9 , former spouses [F10, surviving civil partners, former civil partners]] and dependants of deceased clerks, deaconesses and licensed lay workers]

(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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

[F12(1A)A power under subsection (1) to provide, maintain and manage a home includes, and is to be treated as having always included, a power to provide nursing care for persons resident in that home.]

(2)For the purposes of exercising any of their powers under [F13subsection (1)] 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.

[F14[F15(3A)][F15The 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 the widow or widower [F16 or former spouse[F17or surviving civil partner or former civil partner]] of a deceased clerk, deaconess or licensed lay worker;

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 instead [F18 or in addition] be made to the spouse [F19or former spouse [F20or 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.

[F21(3B)A resolution under subsection (3A) above] shall not affect a loan made by the Board before the resolution takes effect.]

F22(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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.

Textual Amendments

F7Words in s. 26(1)(a) inserted (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 3(a), 7(2); S.I. 2003/1, Instrument made by Archbishops

F9Words in s. 26(1)(b) inserted (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 3(b), 7(2); S.I. 2003/1, Instrument made by Archbishops

F12S. 26(1A) inserted (coming into force in accordance with art. 2 of the commencing S.I.) by Pensions (Pre-consolidation) Measure 2018 (No. 2), s. 2(3), Sch. para. 4(1); S.I. 2018/716, art. 2

F13Words in s. 26(2) substituted (coming into force in accordance with art. 2 of the commencing S.I.) by Pensions (Pre-consolidation) Measure 2018 (No. 2), s. 2(3), Sch. para. 4(2); S.I. 2018/716, art. 2

F16Words in s. 26(3A)(b) inserted (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 3(c), 7(2); S.I. 2003/1, Instrument made by Archbishops

F18Words in s. 26(3A) inserted (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 3(d), 7(2); S.I. 2003/1, Instrument made by Archbishops

F19Words in s. 26(3A) inserted (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 3(e), 7(2); S.I. 2003/1, Instrument made by Archbishops

F22S. 26(4) repealed (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 6, 7(2), Schs.; S.I. 2003/1, Instrument made by Archbishops

Modifications etc. (not altering text)

C3S. 26(4) explained as to assets of the Funds by Clergy Pensions (Amendment) Measure 1967 (No. 1), s. 4(4)

C4S. 26 modified (5.11.1993) by 1993 Measure No. 3, s.2 (with s. 9(2)).

27 Power of Board to administer pensions schemes for church workers.E

[F23(1)]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 [F24widows, 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.

[F25(2)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.]

Textual Amendments

F2628 Power of Board to establish Church Workers Pensions Augmentation Fund. E

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26S. 28 repealed (1.5.2003) by Church of England (Pensions) Measure 2003 (No. 2), ss. 6, 7(2), Schs.; S.I. 2003/1, Instrument made by Archbishops

29 Board to be a housing association.E

The Board shall be deemed to be a housing association within the meaning of [F27section 1(1) of the Housing Associations Act 1985.]

Textual Amendments

30 Power of Board to act as trustee.E

(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 the[F28widows, 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 [F28widows, widowers, surviving civil partners] or dependants of deceased clerks or church workers; and subsections (1) and (2) of section four of the M1Public Trustee Act 1906 shall apply to the Board in like manner as they apply to the public trustee.

Textual Amendments

Marginal Citations

31 Board to be a trust corporation.E

The Board shall be a trust corporation for the purposes of the M2Law of Property Act 1925, the M3Settled Land Act 1925, the M4Trustee Act 1925, the M5Administration of Estates Act 1925 and [F29the M6[F30 Senior Courts Act 1981]].

Textual Amendments

Marginal Citations

32 Investment powers of Board.E

[F31(1)Without prejudice to section 32A of this Measure, the Board may invest any moneys in their hands and available for investment—

[F32(a)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.

[F33(1A)The power of the Board to invest moneys in subsection (1)(a) above includes power to enter into derivative contracts, derivative financial instruments and equity instruments.

(1B) In subsection (1A) above, “ derivative contracts ” means options, futures or contracts for differences, within the meaning which those expressions have for the purposes of the Corporation Tax Act 2009 and “ derivative financial instruments ” and “ equity instruments ” have the same meanings as in that Act.

(1C)The Board may, by regulations, amend subsection (1A) above by adding other financial instruments to those listed in that subsection.

(1D)A draft of any regulations proposed to be made shall be laid before the General Synod and, if they are approved by the General Synod with or without amendment, the draft regulations so approved shall be referred to the Board.

(1E)Where draft regulations are referred to the Board under subsection (1D) above—

(a)if they have been approved by the General Synod without amendment, the Board shall, by applying their seal, make the regulations;

(b)if they have been approved with amendments, the Board may either—

(i)by applying their seal, make the regulations as amended, or

(ii)withdraw the regulations for further consideration in view of any amendment by the General Synod,

and the regulations shall not come into force until they have been sealed by the Board.

(1F)Where the Business Committee of the General Synod determines that draft regulations do not need to be debated by the General Synod, then unless—

(a)notice is given by a member of the General Synod in accordance with its standing orders that he or she wishes the draft regulations to be debated, or

(b)notice is given by any such member that he or she wishes to move an amendment to the draft regulations,

the draft regulations shall, for the purposes of subsections (1D) and (1E) above, be deemed to have been approved by the General Synod without amendment.

(1G)The Statutory Instruments Act 1946 (c. 36) applies to any regulations sealed by the Board under subsection (1E) above as if they were a statutory instrument and were made when sealed by the Board, and as if this Measure were an Act providing that any such regulations were to be subject to annulment in pursuance of a resolution of either House of Parliament.]

(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.]

F34( 3 ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)—(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F35

(8)In this section, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

(9)(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F35

Textual Amendments

F32 S. 32(1)(a) substituted (1.2.2001) by 2000 c. 29 , s. 40(1) , Sch. 2 Pt. III para. 53(1) (with s. 35 ); S.I. 2001/49 , art. 2

F34 Words in s. 32(3) repealed (1.2.2001) by 2000 c. 29 , s. 40(1)(3) , Sch. 2 Pt. III para. 53(2) , Sch. 4 Pt. II (with s. 35 ); S.I. 2001/49 , art. 2

[F3732A Investment of moneys comprised in certain funds.E

-

(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.

[F38(4)The funds to which this section applies are—

(a)the funds which the Board administer, and

(b)the funds of which the Board are trustee.]]

Textual Amendments

F38S. 32A(4) substituted (coming into force in accordance with art. 2 of the commencing S.I.) by Pensions (Pre-consolidation) Measure 2018 (No. 2), s. 2(3), Sch. para. 5; S.I. 2018/716, art. 2

F3933. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E

Textual Amendments