The government says it has included an allocation for the scheme up to 2013 in its early intervention grant to councils and is consulting on how best to fund the free nursery places from then on.

BBC: Free nursery places for 140,000 disadvantaged toddlers

On my calculations of the asset allocation in the Church of England Funded Pensions Scheme, 84% is held in shares, property and derivatives - or what are perceived to be riskier assets.

BBC: Holy pension hole