§ Mr. Bernard JenkinTo ask the right hon. Member for Selby, representing the Church Commissioners, what plans the Church Commissioners have to reduce the value of the assets in their care. [32601]
§ Mr. AlisonThe Church Commissioners' assets were valued at £2.7 billion as at 31 December 1995. The commissioners' liabilities include clergy pensions, the cost of which is currently met from income. Under the arrangements being discussed within the Church of England, about half of the commissioners' assets, if the proposed pensions measure is passed, will, upon the death of the last beneficiary, be fully spent out on the payment of pensions in respect of service up to 1998. The remaining assets will continue to be used to support the commissioners' other commitments, mainly to supporting the ministry in needier dioceses, bishops and cathedral staff.