HC Deb 23 February 1994 vol 238 cc304-6W
Mr. Clifton-Brown

To ask the right hon. Member for Selby, as representing the Church Commissioners, pursuant to his answer of 7 February,Official Report, column 9, what consideration the Church Commissioners gave to dismissing any of their commercial property investment advisers in the last three years.

Mr. Alison

The Commissioners regularly review the performance of their commercial property advisers. None has been dismissed but, following competitive tendering, the day-to-day management of their American properties has passed from Chesterton to Aldrich, Eastman and Waltch of Boston, Massachusetts.

Mr. Clifton-Brown

To ask the right hon. Member for Selby, as representing the Church Commissioners what plans the Church Commissioners have to contract out to independent professional advisers any investment advice currently obtained in house.

Mr. Alison

The Commissioners already have the benefit of a wide range of professional investment advice through the use of external managers for their property portfolio and from brokers in relation to their stock exchange investments. The independent actuaries, to whom I referred in my previous answer will, in addition to expenditure liabilities, also advise on investment strategy and management.

Mr. Clifton-Brown

To ask the right hon. Member for Selby, as representing the Church Commissioners if he will list which recommendations outlined in the Lambeth Group report and Coopers and Lybrand report to the Archbishop of Canterbury last year have now been implemented, with particular reference to (a) the recommended alternations in the investment strategy and (b) regarding pensions as a first charge on the Commissioners' assets.

Mr. Alison

I have arranged for a copy of GS 1093 to be placed in the Library. This note was prepared by the Commissioners to inform the General Synod debate last November about the Lambeth report and lists action taken in response to the report's recommendations. The outstanding recommendations are being actively pursued, although the reduction of the Commissioners' dependence on property investment has to be sensibly managed against market conditions and may take several years to achieve. As regards pensions, I refer the hon. Member to my previous answer.