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Pensions

For an introduction to pensions issues for Baptist churches, please take a look at our webinar from September 2019. 

The Baptist Pension Scheme (BPS) now has its own
website for all Members, Churches and Employers. Here you will be able to find out about:
  • Joining the scheme
  • Information for Active, Deferred and Retired Members
  • Key documents you may need
  • Information for Churches / Employers
And much more!

If you require assistance please contact the scheme administrators:
Broadstone Consultants & Actuaries Ltd
Canard Court
23-25 St George’s Road
Bristol
BS1 5UU

Tel: 0117 937 8700 or send an email.
 
Baptist Pension Scheme Employers’ Group (BPSEG)

Within the rules of the BPS, the Baptist Union of Great Britain has a role to represent all the employers in the scheme.  To ensure that they take into account the full range of employer views in doing this, the Baptist Union Trustees have established the Baptist Pension Scheme Employers’ Group.  The membership of the group is as follows:
  • Tim Jackson, Treasurer, East Midlands Baptist Association and Chartered Accountant and non-executive director
  • John Levick, Treasurer, Baptist Union of Great Britain
  • Dean Thorpe, Treasurer, Yorkshire Baptist Association and CEO of a firm of financial advisers based in the Yorkshire/Derbyshire area
  • Adrian Argile, Regional Ministry Team Leader, Heart of England Baptist Association
  • Carole Sheldon, Treasurer Brighton Road Baptist Church, Horsham. Prior to retirement in 2020, Carole was an actuary working in the pensions field
  • Peter Walls, Leader at Long Buckby and Brington Baptist Church and Chartered Fellow of CIPD.
  • David Evans, A Chartered Accountant now retired from professional practice and active as a non-executive director
The group meets quarterly and provides a report to each Baptist Union Trustee Board.  Key activities of the group include:
  • Overseeing the strategy of Baptists Together in relation to pensions
  • Leading negotiations with the BPS Trustee on the 2016 and 2019 valuations on behalf of Baptist Union Trustees. 
  • Making recommendations on the use of the Baptist Union Pension Reserve fund to support individual churches or employers.
  • Reviewing the design of the BPS defined contribution section.
  • Working with the BPS on the scheme investment strategy.
If you have further questions, please email  the Pensions Employers Group.
 
2019 Valuation
The formal actuarial valuation of the Defined Benefit Section of the Baptist Pension Scheme as at 31 December 2019 has been completed.  This was following discussions between the Scheme Trustee and representatives of the Baptist Pension Scheme Employers’ Group.  The main outcomes of the valuation are:
  • The deficit in the scheme has reduced to £18m from £93m at the previous valuation.
  • There will be no increase in employers’ deficit recovery contributions (other than the annual uplift for inflation);
  • The expectation for when deficit recovery contributions might cease is brought forward by two and a half years to June 2026; and
  • A temporary reduction of 50% to the deficit recovery contributions will be put in place for the second half of 2020 to alleviate some of the additional financial pressure on employers during the Coronavirus pandemic.
The letter that was sent to employers on 3 July 2020 to communicate the detailed results of the valuation can be found here
 
2016 valuation and Family Solution

The formal actuarial valuation of the Defined Benefit Section of the Baptist Pension Scheme as at 31 December 2016 was finalised in April 2018 following negotiations between the Baptist Pension Scheme Trustee and the Baptist Pension Scheme Employers' Group on behalf of Baptist Union of Great Britain. This agreement included the Family Solution to address the deficit in the scheme.  More details, including the implications for churches and other employers in the scheme and scheme beneficiaries can be found on the Family Solution page.

If you have further questions, please email the Pensions Employers Group.
 
Pensions within Church Accounts
Information on accounting for the Baptist Pensions Scheme can be found in the finance guidance leaflets F02 and F03, which can be found in the finance section of the resources library.
 
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Letter to all churches and other employers paying contributions to the DB Plan within the Baptist Pension Scheme (BPS) - 3 July 2020