The Church of England Pensions Board

The Church of England Pensions Board

The Church of England Pensions Board manages the retirement obligations of clergy and lay workers across the Church, alongside the Church Commissioners for England and the Archbishops' Council as sponsoring employers. It operates as a defined-benefit scheme within the wider National Church Institutions, with a specific mandate to fund pensions accrued by Church Administrators. The Board runs its own investment program in-house, distinct from the larger endowment-style portfolio managed by the Church Commissioners. Strategy spans real assets, credit, and liability-driven investments, with a significant allocation to direct timberland holdings and a UK residential portfolio providing housing assistance for retired clergy. The Board's LDI portfolio anchors its liability-matching posture. Investment decisions consistently integrate climate and governance screens — it was an early signatory to the UN PRI and a founding member of the Institutional Investors Group on Climate Change. The Pensions Board was an original co-funder and architect of the Transition Pathway Initiative, the climate-benchmarking tool now used by over 50 global asset managers. The Board's team — led by CEO John Ball and Chief Responsible Investment Officer Adam Matthews — operates from the Church's London headquarters. Through its leadership role in Climate Action 100+, the Pensions Board acts as lead engager for several mining and energy companies. In 2021, the Board disclosed it had exited remaining thermal coal holdings completely, reinforcing its position as one of the few European pension funds undertaking full fossil-fuel phaseouts. It also participates in International Corporate Governance Network (ICGN) working groups across multiple jurisdictions. Where other institutional investors outsource stewardship to proxy advisors, the Pensions Board runs engagement campaigns as a core investment function. Matthews and his team file shareholder resolutions, negotiate directly with C-suites, and retain outside counsel for contested votes — a posture closer to an activist hedge fund than a typical church plan. The Board's ability to coordinate with the wider Anglican Communion provides a global investor network that few European pension funds can replicate.