CONFIDENTIAL
85
Problem
O
of
Ne
cers
Che
From HICG. Sent wri
нка.
HKB 431 16
HMOCS PENSIONS
E
1990
20ca
overseas
twę
time for meets wilth T on
14/11/90
pensioners and serving Overseas
are becoming increasingly concerned at the effect deteriorating sterling exchange rate on pensions.
che question of sterling safeguards for
consider
pensions snould now be addressed.
Background
2.
when ExCo considered whether or not pensions snouid be protected against currency! fluctuations in January 1989 they concluded that any scheme designed solely for Overseas pensioners would be very divisive, cause sericus problems with the rest of the civil service and attract adverse public reaction. They decided, therefore, that given the political realities of the situation, it inappropriate for the Hong Kong Government to introduce measures to protect the value pensions paid to
would be
overseas
question
officers.
They nevertheless suggested that the
of sterling safeguards for HMOCS pensioners should
be pursued with HMG.