Clergymen lose millions in equity gamble

A report in today's Financial Times suggested young clergymen's benefits could be less than half of what recent retirees receive as a result. However, Church of England pensions board chairman Jonathan Spencer hit back and said the report was "misconceived and fails to take adequate account of the scheme's relative age compared to other schemes". The scheme, created in January 1998, invested 100% of its assets in equities during the bull market at the tail end of the 1990s. A consultation document from the Archbishops' Task Group released in June said the market value of the assets...