CODE 18-77
Mr Stone
Hong Kong Department/FCO
Reference..
tha B 733
SECRET
FROM: D S FISH
(GTN 7724399014)
DATE: 18 May 1990
cc Mr Kerby
We spoke following receipt of Hong Hong telno value of pensions.
2.
3.
ATTACHED
1612 about the sterling
I think that we should go back to Hong Kong along the following lines:
Thank you for your telno 1612.
We do, of course, accept that UK Civil Service salaries are not subject to fluctuation but my telno 987 should have explained our view that the statement about relativities is correct at current exchange rates. Even allowing for reductions in the sterling value of basic pensions Hong Kong pensioners have been better off in terms of overall income than other UK or HMOCS counterparts. The question of relativities is important because, in any discussion about the need to protect the value of Hong Kong pensions, the Treasury are certain to have regard to level of benefits paid to UK public servants whose basic remuneration does not always compare favourably with their counterparts in Hong Kong.
The question of relativities is clearly not one on which the Hong Kong Government have focussed. Or if they have they do not regard it as
relevant.
D S FISH
Jul
Head of Overseas Pensions Department 18 May 1990
SECRET
Y
で
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Mr Fish