§ 39. Mr. JackTo ask the hon. Member for Middlesbrough, representing the Church Commissioners, what effect the removal of payable tax credits has had on the long-term returns of the Church's pension fund. [61380]
§ Mr. Stuart BellAt their 1997 dividend levels, the Commissioners estimate that the removal of payable tax credits will ultimately reduce their income and their total investment returns by £12m annually. This loss of return relates to the whole of the Church Commissioners' investments as they do not designate a separate pension fund within the overall fund. It will also reduce returns on the newly established contributory pensions scheme, which meets pension liabilities for service from 1998 onwards, which is administered by the Church of England Pensions Board.