Church of England Funded Pension Board, London, will review the plans asset management arrangements later this year. The £102 million ($142 million) plan, created in 1998, is entirely invested in U.K. equities. UBS Asset Management and Merrill Lynch Investment Managers each runs £51 million.
Trustees are pleased with the performance but may implement risk budgeting to enhance returns, said Roger Radford, board secretary.
A review conducted late last year by actuary Lane Clarke & Peacock found that dioceses sponsoring the plan will have to increase their annual contributions by £12 million a year, to £47 million annually, to fund future obligations.