HMOCS: STERLING SAFEGUARDS
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1. The Government recognise that the traditional practice
upon constitutional change has been for HMOCS officers to
enjoy a guarantee that the sterling value of their pensions
will be maintained. This is because most officers
retire to the UK. This safeguard has in principle
been provided, wholly or in part, by the Government of the
terrority concerned, although in many cases HMG have
subsequently taken over responsibility for it as an aid
measure. The United Kingdom Government and the Hong Kong Government have been considering what (if any) arrangements can appropriately be made in this regard in the special
circumstances of Hong Kong. One option under examination
has been for a private sector initiative to provide a scheme which would provide reassurance to any HMOCS officers who
chose to take part in it. All the issues remain under close and intensive study. Decisions have not yet been taken by either the United Kingdom Government or the Hong Kong Government, but they will be taken and announced as soon as
possible.
BUNABQ/1
JRB
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