Justin Welby, a former oil executive, may have hoped to have left the problems of Mammon behind on his appointment as Archbishop of Canterbury, but he could be plunged into an immediate cash crisis.
The Church of England’s pension deficit could reach £500m by the end of this year, putting a huge financial burden on congregations, an independent pensions consultant has warned.
John Ralfe said congregations, who already pay £68m annually to support the Clergy Pensions Scheme’s 24,000 members, will have to find £108m a year if an existing plan to eliminate the deficit over 12 years is not extended.
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Filed under: * Anglican - Episcopal Anglican Provinces Church of England (CoE) * Christian Life / Church Life Parish Ministry Stewardship * Economics, Politics Economy Credit Markets Currency Markets Personal Finance Pensions Stock Market
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