RESTRICTED
RESTRICTED FM FCO
TO IMMEDIATE HONG KONG
TELNO 966
OF 11173OZ MAY 90
HWB 233
RECEIV SL.
21 MAY 1990
DESK OFFICES
INDEX
(8)
107014
MDHOAN 8619
PQ: STERLING SAFEGUARDS FOR PENSIONS
1
MR IVOR STANBROOK MP HAS TABLED THE FOLLOWING QUESTION FOR
WRITTEN ANSWER:
QUOTE IF THE SECRETARY OF STATE WILL MAKE A STATEMENT ABOUT THE CURRENT POSITION OF PRESENT AND RETIRED EXPATRIATE MEMBERS OF HM'S OVERSEAS CIVIL SERVICE IN HONG KONG AND THEIR ELIGIBILITY FOR PENSIONS BASED ON THE POUND STERLING EQUIVALENT AT THE TIME OF RETIREMENT, IN VIEW OF THE RECENT FLUCTUATIONS IN THE POUND STERLING EQUIVALENT OF THE HONG KONG DOLLAR. UNQUOTE.
2.
WE PROPOSE TO REPLY AS FOLLOWS:
QUOTE ALL PENSIONABLE CIVIL SERVANTS EMPLOYED BY THE HONG KONG GOVERNMENT WHEN THEY RETIRE RECEIVE THEIR PENSIONS IN HONG KONG DOLLARS. THE HONG KONG DOLLAR IS LINKED TO THE US DOLLAR. THIS LINK HAS PROVED TO BE EXTREMELY RESILIENT, IN HONG KONG'S LONG TERM INTERESTS AND IN THE INTERESTS OF HONG KONG PENSIONS WHO CONTINUE TO DO REASONABLY WELL, CERTAINLY IN COMPARISON WITH THEIR UK COUNTERPARTS. THE HONG KONG GOVERNMENT HAVE INDICATED THAT THEY WILL CONSIDER ASSISTING ANY RETIRED EXPATRIATE OFFICERS WHO MAY BE IN HARDSHIP DUE TO EXCHANGE RATE FLUCTUATIONS.
3=
HURD
GRATEFUL FOR ANY VIEWS DESKBY 14090OZ.
YYYY
ΜΑΙΝ
MINIMAL
ADDITIONAL
14
1
MR FISH, PENSIONS DEPT, OAD
NNNN
DISTRIBUTION
15
HKD