Church of England Pensions Board secures £50m financing to grow retirement housing portfolio
The Pensions Board will continue to purchase retirement properties to meet increasing numbers of retiring clergy households.
The Church of England Pensions Board (CEPB) has agreed a £50m revolving credit facility with NatWest that will help grow its retirement housing portfolio.
The Pensions Board offers retirement services to those who serve or work for the Church of England, principally through managing pension schemes for 43,000 people across 700 Church organisations and providing retirement housing for retired clergy.
Tom England, director of housing at CEPB, said: “Retirement poses unique and significant housing challenges for our clergy.
“We are there to help with the offer of affordable retirement housing, alongside support to ensure a smooth and easy transition from active ministry to retirement.
“We thank the NatWest team for working with us on this new facility to help us deliver on our mission.”
The £50m facility will allow the Pensions Board to continue to purchase retirement properties to meet increasing numbers of retiring clergy households.
The provision of retirement housing is underpinned by funding from the Archbishops’ Council and the Church Commissioners for England.
The agreement with NatWest came after a previous debt facility with another bank came up for refinancing.
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