CONFIDENTIAL
basis of GAD's advice. In future, there should be regular
actuarial reviews of the scheme and periodic adjustments to
the rate of contrization, if required.
13.
GAD have also advised against adjustment of the
current actuarial taples for the marginally overfunded WOPS
which is being phased out gradually. They assessed that
the level of Government's contrioution would likely
increase and exceed 50% of members' contributions after the
scheme Decomes voluntary.
NO change to the level of
benefits of the WOPS is proposed.
(c)
Refund of Contributions
(i) On opting out of the schemes
14.
It is proposed that unmarried serving officers
should be refunded their past contributions with interest
on opting out of the schemes, since they do not have
beneficiaries. Married officers should have their pension
benefits preserved, i.e. their dependants would continue to
enjoy a contingent dependant pension, frozen at the level
when the married Gembers cease to contribute. Similar to
deferred service pension, the preserved dependant pensions
would attract inflation-linked pension increases.