The Pension Fund investments have once again outperformed the moderate benchmark of both the past 3 months and the past 12 months yielding a return of 11,06% for the year.

Our Funding Managers and Invest ment Sub-Committee continue to provide us with a very professional service.

Though the financial indicators point to economic recovery, the fundamentals that led to the recession have not changed so the Board and Investment Managers continue to take a cautious approach.

However, the good news is that pensions will be increased on 1 January 2010 by 6.1 % which is equal to the CPI for this year.

It is the pensioner increase policy of the Pension Fund to give pensioners an increase each year of at least 80% of CPI however over the past 5 years from 2005 pensions have been increased by percentages above this benchmark.

The Principal Officer continues to struggle to complete death benefit claims because of a lack of information. Pensioners who move diocese after retirement are advised to make contact with the diocesan secretaries/ administrators of the new diocese so that should a death claim arise, the diocesan secretary/administrator will have the necessary contact details and be able to assist.

The Pension Board takes this opportunity to wish all clergy, both in service and retired, a wonderful stress free 2010.

Ruthell Johnson