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HMOCS PENSIONS: STERLING SAFEGUARDS
The
1. The 1954 and 1960 White Papers state that HMOCS pensions should be "safeguarded" when HMG ceases to be responsible for the Government of the territory of their service. extent of the safeguard is not defined, but subsequent practice has been consistent.
2.
Since the formation of HMOCS in 1954, 37 territories where HMOCS officers served (see note below) have ceased to
In addition Bermuda has be British Dependent Territories.
attained full internal self-rule and the East African Community has been wound up, both necessitating similar arrangements for HMOCS officers.
In all 39 cases HMG have
The
ensured that the sterling value of HMOCS pensions (and not just the local currency value) has been safeguarded. practical arrangements for achieving this have varied. present position is as follows:
The
Shouldn't fall below
X
but can be (and Sometimes is) more than
rate agreed in POA
in 3 cases (Bahamas, Bermuda, Brunei) the local governments pay the full pension at a fixed (safeguarded) exchange rate to sterling (and there are no immediately foreseeable political or economic reasons for them to cease to do so);
? 34 (with Sri Lanka)
no inter pre-1954
self-gow
in 33 cases (list attached) HMG now pay the full pension
in sterling;
in 2 cases (Somaliland protectorate and Aden) HMG pay sterling loan-advances in lieu of pensions (and equivalent to their full value), as the successor government has defaulted or as the circumstances of British withdrawal precluded the negotiation of normal arrangements.
in one territory (Zimbabwe)
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