A DRAFT Measure on pensions, introduced by April Alexander (Southwark), proposed to allow the Church Commissioners a further seven years to continue to meet pension obligations from capital rather than income. This power was first granted in 1997, and will expire in 2018 under existing legislation.

Mrs Alexander explained that, without this ability, more and more of these Commissioners' funds would be unavailable for other non-pensioner beneficiaries. "A renewal of this power will enable the Commissioners to make investment decisions with regard to the overall return in the very long term. Without it, they would have to focus on the short term at the expense of overall growth."

The motion was carried.