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Pensions

Church Commissioners written question – answered on 13th May 2002.

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Photo of Michael Jack Michael Jack Conservative, Fylde

To ask the hon. Member for Middlesbrough, representing the Church Commissioners, what the annual financial effect was on the Church of England's pension arrangements of the removal of the payable tax credit was in the last 12 months.

Photo of Stuart Bell Stuart Bell Second Church Estates Commissioner

The removal of the tax credit has reduced the Church Commissioners' investment returns and cut the amount of money available to support the Church by £7 million p.a. It has also increased the cost of pension contributions over the last 12 months by £3 million. Both these sums have had to be raised by dioceses and parishes from their congregations.

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