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Mr Fifgot.
Ref.: AP 295/134/1
Mi stone col (238
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ms HKA 233/1
6/4
Government Secretariat
Hong Kong
CIVIL SERVICE BRANCH CIRCULAR NO. 12/87
The New Pension Scheme
1 July 1987
HMOLS
Annex A
(Note: Distribution of this circular is
Scale A, i.e. it should be read by Heads of Departments, Departmental Secretaries, officers dealing with personnel matters, and brought to the attention of all serving officers including those who are on leave. A Chinese version is attached.)
The
This circular announces the implementation of the New Pension Scheme (NPS) with effect from 1 July 1987 following the enactment of the relevant legislation. new scheme applies to officers appointed or re-appointed to the civil service on or after 1 July 1987 on terms which attract pension benefits and to serving officers who exercise an option to join this scheme. The NPS does not apply to judicial officers.
THE MAIN FEATURES OF THE NEW PENSION SCHEME (NPS)
2.
The New Pension Scheme is governed by the Pension Benefits Ordinance 1987 and the Pension Benefits Regulations 1987. Its principal features are set out in Annex A. As compared to the old pension scheme, the main differences are -
(a) normal retirement age is 60 (55 under
the old pension scheme), but serving officers appointed before 1 July 1987 may retire with immediate payment of pension benefits on or after the age of 55 after serving due notice;
(b) in respect of service in an established
office (hitherto known as pensionable office - see paragraph 3 below), the pension factor is 1/675 for an officer confirmed to the permanent
establishment (1/600 under the old pension scheme);
/P. 2...