CONFIDENTIAL
21.
The new pension arrangements will mean that a member of the
judiciary appointed at 50, who retires at 65, will earn the
equivalent of about 30 year's pension at the standard rate (about
53% of his retirement salary). Similarly a member of the judiciary
appointed at 40 will earn the maximum pension of 2/3rds of his
retiring salary if he retires at age 65.
22.
In addition to the new pension factor it is planned that
members of the judiciary who are required to retire early on the
grounds of ill health should be entitled to a minimum pension of 1/4
salary.
23.
Apart from the above, the standard provisions of the new
pension scheme would apply. All members of the Judiciary, other than those who have already retired and been re-engaged (on short term contracts after retirement), would be permitted to convert to the new pension arrangements.
Financial Implications
24.
The financial implications of the proposed new pension
arrangements for members of the judiciary between now and 2007 are
set out in Annex B.
Conclusion
25.
The British side hopes that the new arrangements which the
Hong Kong Government plans to introduce for the judiciary will
succeed in attracting a number of experienced local lawyers with the
appropriate quality to the judiciary. It believes that the new
arrangements will also assist in ensuring the continuation of a
judiciary of high calibre and as a consequence in maintaining
stability and preserving confidence.
CONFIDENTIAL