The reason for this distinction is that, unlike their overseas colleagues, local pensioners would not normally have a resettlement link or overseas social ties before appointment. In the circumstances, if they have retired overseas, it could be
that argued
they have made а
decision to conscious have taken into account emigrate. And, in so doing, they must the associated risk factors (including the possible impact the value of their pensions). If this premise is accepted consideration should not be given to providing assistance
pensioners living overseas [mainly Australia (280), Canada (1,040), UK (50) and USA (690)].
about
9
2,000
local
Clearly
living ot her
excluded.
than
on
to
in
in
In this addresses, it
overseas pensioners
be also their count ry
of origin should context, and judging by their correspondence appears that 700 overseas pensioners are living in Hong Kong.
Her Majesty's Overseas Civil Service (HMOCS)
10
The majority of overseas pensioners originating in the UK are HMOCS members. Although no decision has yet been reached, measures may eventually be introduced by Her Majesty's Government to provide sterling safeguards for such pensioners. This could be done within the framework of a a Public Agreement (POA), or a similar arrangement,
negotiated HMG and the Chinese Government for implement at ion after 1997. The justification, on the grounds of the change in sovereignty
need
and consideration
would separate
in
1997, would
primarily HMG's responsibility.
Comparison with other Hong Kong Schemes Private Sector Practice
11
a
Officer's between
be
An informal sampling, in strict confidence, covering that some provide a small number of organisations suggests that degree of currency protection for retirement benefits but there is no common system. Details on the practices of three of the respondents are shown in Annex B.
Public Sector Practice
12
In
Most subvented organisations operate funded schemes. much as
as part beneficiaries are
protection.
But,
funds of
with provided
the
ΟΠ
are
of
invested overseas some degree
currency members retirement,
normally receive
ง
а
lump sum benefit and are not therefore so much affected by the recurring problems as some Government pensioners.
A
CONFIDENTIAL