{"id":189822,"date":"2010-02-09T19:50:00","date_gmt":"2010-02-10T00:50:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/09\/i-know-that-they-are-in-the-faith-business\/"},"modified":"2010-02-09T19:50:00","modified_gmt":"2010-02-10T00:50:00","slug":"i-know-that-they-are-in-the-faith-business","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/09\/i-know-that-they-are-in-the-faith-business\/","title":{"rendered":"I Know That They Are In the Faith Business\u2026\u2026\u2026"},"content":{"rendered":"<p>But the fact that the Church of England (i.e the Anglicans, called the Episcopal Church in the US) has <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/bfa647be-1287-11df-a611-00144feab49a.html\">invested 100% of its pension funds in equities<\/a> (stocks) seems to me to be just a little bit risky:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The Church faces the same problems as all employers with DB pension schemes \u2013 improved longevity and lower real interest rates. But the Church\u2019s pension problems are largely self-inflicted since, astonishingly, the scheme has an asset allocation of 100 per cent equities \u2013 <span style=\"font-weight: bold;\">the riskiest asset allocation of any UK pension scheme<\/span>. To add insult to injury, it has (reluctantly) agreed to start moving to 70\/30 equities\/bonds, but not until 2017, and not to be completed until 2027.<\/p><\/blockquote>\n<p>(<span style=\"font-style: italic;\">emphasis mine<\/span>)<\/p>\n<p>There is a good reason for interest rates to be up against the zero bound right now, but interest rates have been unreasonably low since GW Bush took office, as the result of a conscious decision by Alan Greenspan to bolster Republicans (politically independent Fed, my tuchas), and when this happens, people do <span style=\"font-weight: bold;\">insane<\/span> things to get returns as a result.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>But the fact that the Church of England (i.e the Anglicans, called the Episcopal Church in the US) has invested 100% of its pension funds in equities (stocks) seems to me to be just a little bit risky: The Church faces the same problems as all employers with DB pension schemes \u2013 improved longevity and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1021,982],"tags":[],"class_list":["post-189822","post","type-post","status-publish","format-standard","hentry","category-finance","category-religion","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189822"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189822"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189822\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}