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Church of England Pensions Board
The Church of England Pensions Board was established in 1926 to provide retirement security for those who serve the Church. Today, it operates as a hybrid...
Church of England Pensions Board
The Church of England Pensions Board was established in 1926 to provide retirement security for those who serve the Church. Today, it operates as a hybrid defined-benefit and defined-contribution fund managed from London, serving a closed DB section and an ongoing career-average scheme. Its governance is distinct from the better-known Church Commissioners: while the latter manages an endowment for mission, the Pensions Board is a fiduciary vehicle solely focused on funding pension promises, placing it among the United Kingdom's significant institutional asset owners. The Board allocates across public equities, credit, real estate, infrastructure, and private equity. Its strategy emphasizes responsible ownership and impact: the fund was one of the original backers of the Transition Pathway Initiative and has used its shareholder voting power to push for climate-risk disclosure at major extractives companies. In real assets, the Board co-invests alongside the Church Commissioners on UK residential development, commercial property, and renewable-energy infrastructure, while its timberland portfolio spans the United States, Australia, and New Zealand. Direct private-markets commitments and active stewardship define its approach, rather than blind-pool fund-of-funds investing. Led by CEO John Ball, the Pensions Board operates a lean in-house team that combines internal investment management with selective external-manager mandates. In May 2023, the Board published a roadmap targeting net-zero portfolio emissions by 2050, deepening its multi-decade record of engagement-led decarbonization. It participates in collaborative investor initiatives including Climate Action 100+ and the Institutional Investors Group on Climate Change, while maintaining direct bilateral dialogues with portfolio companies on labor practices and board diversity. The Board's structural differentiator is its dual accountability: as a regulated pension fund, it meets statutory funding requirements like any UK scheme, yet it pursues an explicitly theological investment policy that screens out companies misaligned with Church teaching — a model that fuses conventional actuarial discipline with the moral framing of a faith-based universal owner.
General information
Firm type
Hybrid DB-DC Fund
Year founded
1926
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
John Ball
Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the Church of England Pensions Board?
Chief Executive Officer John Ball leads the executive team, reporting to a Board of Trustees. The in-house investment staff directly manages a portion of the portfolio, particularly in real estate and infrastructure, while external managers are appointed via a public procurement process subject to the Board's ethical investment policy.
How does the Pensions Board's mandate differ from the Church Commissioners for England?
The Church Commissioners manage an endowment primarily to fund the Church's mission costs, including clergy stipends. The Pensions Board is a separate legal entity with a single fiduciary purpose: paying retirement benefits to clergy and lay employees. Though they co-invest in several direct real assets, their governance, funding bases, and liability structures are entirely distinct.
What is the Board's posture on climate stewardship?
It was a founding signatory of the Transition Pathway Initiative and has led shareholder resolutions at companies including Glencore and Shell demanding Paris-aligned emissions targets. In May 2023, the Board published a net-zero roadmap with a 2050 decarbonization goal for its portfolio, backed by sectoral emissions-intensity benchmarks.
Does the Pensions Board invest directly in real estate or only through funds?
It invests directly in commercial and residential property, often through co-investment vehicles shared with the Church Commissioners. The Board has also built a direct global timberland portfolio — owning forests in the US, Australia, and New Zealand — as part of an inflation-linked real-asset strategy.
Does the Board participate in fund commitments or only direct deals?
The Board blends approaches: it makes direct co-investments in infrastructure and real estate, while also committing to specialist private-equity and credit funds. The balance between direct and fund-of-one allocations reflects the internal team's capacity and the specific asset-class strategy.
What ethical screens does the fund apply to its portfolio?
The fund's investment policy derives from the Church's ethical advisory framework, screening out companies deriving material revenue from armaments, tobacco, high-interest lending, and pornography. It also maintains a restricted list for firms that fail the Board's engagement tests on environmental, social, or governance grounds.
How is the Pensions Board funded, and is the scheme open to new members?
The defined-benefit section is closed to new accrual, while the career-average scheme remains open to serving clergy and lay employees. Funding comes from contributions by Church employers and employees, together with investment returns. The scheme is subject to The Pensions Regulator's statutory funding framework.
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