Ian Glenny presented on the current state of the Uniting Church’s Beneficiary Fund.
There has been a substantial decline in membership to the Fund, dropping from 1094 members in December 2007 to 775 members in June 2015. This has resulted in a membership decline of 30% over a period of eight years.
The more mature and shrinking fund has made it more difficult to operate the fund. The investment performance has been going well compared to funds of a similar nature.
On the 1 July 2015 the fund was transferred to Mercer after careful deliberation of the top five benefit funds. The fund trustees and the church have been working on outsourcing the fund since April 2013. Mercer is now responsible for all the day-to-day activities of the fund. The Church will continue to have a relationship in the form of a committee of six people appointed by the Assembly Standing Committee to ensure the high standards of the fund are maintained.
There has been no change in regards to the church’s commitment to the fund and its theological concept of providing income support for life to members.
The board is confident that this significant change is the best way to ensure the long-term sustainability of the Fund.