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 – improved longevity and lower real interest rates. But the Church’s pension problems are largely self-inflicted since, astonishingly, the scheme has an asset allocation of 100 per cent equities – the riskiest asset allocation of any UK pension scheme. 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.

(emphasis mine)

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 insane things to get returns as a result.