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Church of England Pensions Board (CAPF DB Section)
The Church of England Pensions Board's Church Administrators Pension Fund (CAPF) Defined Benefit Section provides retirement benefits to employees of the...
Church of England Pensions Board (CAPF DB Section)
The Church of England Pensions Board's Church Administrators Pension Fund (CAPF) Defined Benefit Section provides retirement benefits to employees of the National Church Institutions, including the Archbishops' Council. It operates as a closed or largely closed corporate-style DB scheme, with the Church Commissioners for England — the Church's permanent endowment fund — responsible for funding pension liabilities accrued before 1998 and 2000 cutoff dates. This relationship embeds the scheme within a broader web of ecclesiastical financing that separates mission assets from pension obligations. The investment strategy is dominated by Liability Driven Investment to match long-dated cash flows, with the growth portfolio split across real assets. Public disclosures highlight direct ownership of UK residential property for retired clergy through the CHARM scheme, a dedicated Timberland Portfolio, and wider allocations to real estate and infrastructure. The Board's asset-class mix reflects a long-horizon inflation-aware posture typical of mature DB schemes. Geographic exposure is concentrated in the United Kingdom, with climate-related engagement spanning global public equities held within the portfolio. The Pensions Board operates as a statutory body distinct from the Church Commissioners, employing a dedicated professional investment team under CEO John Ball. In recent years, the Board has consolidated its position as a leading force in faith-consistent engagement — co-founding the Transition Pathway Initiative and acting as a lead engager for major mining and energy companies through Climate Action 100+. November 2023 saw the Board vote against the re-election of several directors at major oil companies as part of its escalation strategy, reinforcing its status as one of the most assertive pension funds on climate governance in Europe. The scheme's structural differentiator lies in its dual identity as both a regulated UK pension fund and an arm of the established church. This grants it a unique engagement mandate — it can pressure portfolio companies on environmental and social grounds from a position of moral authority that purely commercial asset owners cannot replicate. The liability backstop provided by the Church Commissioners also removes some funding volatility that would otherwise constrain risk-taking, though the DB section remains in a de-risking trajectory consistent with its maturity.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Clive Mather
Chair, Church of England Pensions Board
John Ball
Chief Executive, Church of England Pensions Board
Sector focus
Frequently asked questions
Who runs investment decisions at the Church of England Pensions Board?
The Board is chaired by Clive Mather, with John Ball serving as Chief Executive. The Pensions Board operates as a statutory body with its own professional investment team, distinct from the Church Commissioners for England. Investment decisions are made in-house, overseen by the Board's trustees, with a heavy emphasis on integrating climate risk and stewardship into portfolio construction.
How are the CAPF Defined Benefit Section's liabilities funded?
Liabilities accrued before 1998 for clergy and before 2000 for lay staff are funded by the Church Commissioners for England, the Church's permanent endowment. Post-cutoff benefits are funded through employer contributions from the National Church Institutions, including the Archbishops' Council. This split structure separates legacy obligations from ongoing accrual, though the scheme is largely closed to new entrants.
What is the Transition Pathway Initiative and how is the Board involved?
The Transition Pathway Initiative (TPI) is an asset-owner-led framework that assesses how companies are preparing for the transition to a low-carbon economy. The Church of England Pensions Board co-founded TPI alongside the Environment Agency Pension Fund and remains its lead investor. TPI provides the analytical backbone for much of the Board's climate engagement strategy, benchmarking portfolio companies against sector-specific decarbonization pathways.
Does the Board invest directly in real assets or through funds?
The Board holds direct real assets, including the Church's Housing Assistance for the Retired Ministry (CHARM) scheme, which provides residential properties for retired clergy across the United Kingdom, and a dedicated Timberland Portfolio. These sit alongside an LDI portfolio and broader allocations to real estate and infrastructure, though the exact balance between direct holdings and fund commitments is not publicly itemized.
How is the Board related to the Church Commissioners for England?
The two are legally separate entities within the Church of England's financial architecture. The Church Commissioners manage the Church's permanent endowment and fund legacy pension liabilities, but the Pensions Board is a distinct statutory body with its own board, investment team, and fiduciary duties to scheme beneficiaries. They cooperate closely on funding, but the Pensions Board retains independent control over asset allocation and stewardship.
What industries does the Board target for climate engagement?
Through Climate Action 100+, the Board serves as a lead engager for major mining and energy companies, where emissions profiles and transition risk are most concentrated. It has escalated engagement to voting against director re-elections at oil and gas firms where it deems progress insufficient. The engagement strategy focuses on Paris-alignment disclosure, board-level climate competency, and capital expenditure discipline.
Where does the Board's investment capital originate?
Capital comes from employer contributions paid by the National Church Institutions — the administrative bodies that run the Church of England — plus funding from the Church Commissioners for historical liabilities. There is no external source of wealth or endowment dedicated solely to the CAPF DB Section beyond these statutory funding arrangements.
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