www.
1.
HMOCS Pensions and Compensation/Incentive Scheme
1.1
HMG
1.2
1.3
Exploratory proposal, without commitment
assumes responsibility for HKG pensions and UK for serving HMOCS, HMOCS pensioners and deferred pensioners.
pensions increase
Transfer of responsibility matched by transfer payment to HMG by HKG of capitalised current value of liabilities for basic pensions and HK pensions increases, and for widows and dependents pensions.
In parallel, HMG provides for complementary compensation/incentive
terms.
arrangements,
in
sterling
2.
Issues for Discussion
2.1
Timing of Transfer
Options : a)
1992
b)
later date
2.2
2.3
Preference
Coverage of Transfer
December 1992
Options : a)
accrued
b)
Preference
benefits at time of
transfer include future service
Liabilities as accrued at date of transfer, based on salary at that date.
Treatment of Future Service if not covered by
Transfer
pensionable by HKG without
Options : a)
sterling protection
b)
non-pensionable but
gratuity-earning