In­vest­ment will se­cure clergy re­tire­ment homes

The Church of England - - NEWS -

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.”

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