Investment will secure clergy retirement homes
THE CHURCH will invest in a ‘portfolio of properties’ to secure clergy retirement housing.
The Church of England Pensions Board has issued £100 million of bonds to secure long-term finance to purchase 196 clergy retirement properties.
The scheme is designed to give clergy a ‘wider choice’ of properties as they reach retirement.
Dr Jonathan Spencer, Chairman of the Church of England Pensions Board, said this is the ‘next step’ on the journey to build a portfolio of properties that will continue to meet future expected clergy demand.
He said: “The Board is committed to ensuring that it can continue to provide those retiring clergy who need it with affordable housing in retirement. We decided the time was right to look at long term capital finance to help secure the future of the retirement housing Church Housing Assistance for Retired Ministers (CHARM) scheme.”
Alan Fletcher, Chair of the Board’s Housing Committee, said the new longterm financing arrangement will bring greater certainty over borrowing costs, by taking advantage of the current low interest rate environment.
“This will not only enable us to sustain the essential financial support for CHARM that the wider Church continues to provide for future generations but will also enable the Board to widen the choice of properties available to members of the clergy who need to use our services as they approach retirement.”