Welcome

The Pensions Board celebrates its centenary in 2026. This major milestone places into sharp focus the long-term responsibility of our work as the Church of England's pension fund. At 100, we are not quite as old as our oldest beneficiaries, and our youngest members will need us to pay their pensions into the 22nd century.

Meeting long-term pension promises in an increasingly fragile world involves careful and responsible stewardship. The Board has the privilege of managing £3.5 billion of pension savings on behalf of our members.

In 2025, the Board achieved returns of 9.5% on assets invested for growth within our defined benefit schemes. This continued strong performance - averaging 8.2% a year over the past two decades - means the pension schemes for clergy and church workers are well funded.

Acting in members' interests and aligned to the Church's ethos and mission, we engage with the companies in which we invest and work collaboratively with other asset owners. In doing so, we work to improve corporate practice and address systemic risks that, if not addressed, could significantly worsen retirement outcomes. For instance, climate change or how scarcity of resources or mining activity contributes to conflict.

This is the first Ethical and Responsible Investment report structured around new priorities introduced in 2025, which more decisively respond to some of these risks. Our priorities have strong support from our members. Already we have made significant progress, including initiating a new Global Centre for Peacebuilding and Business headquartered in South Africa, and introducing a 10-Year Vision and recommendations for a responsible mining sector.

We look forward to updating you on continued progress in next year's report, as we look from one centenary into our next 100 years.