330
For discussion on
12 May 1992
CONFIDENTIAL
IHKA 233
233/1...
A Mr Rickelt
M
ѝ соб
Comellians
XCC(92)95
Copy No. 30
Misi William, B1515 Pa (ITMOCS)
MEMORANDUM FOR EXECUTIVE COUNCIL
PUBLIC SERVICE :
51415-
NEW PENSION SCHEME OPTION DEADLINE
INTRODUCTION
It is necessary to extend the New Pension Scheme option deadline by six months from 30 June 1992 to 31 December 1992.
BACKGROUND
2-
When the New Pension Scheme (NPS) was introduced in 1987, serving officers who wished to apply to join the NPS were directed to do so within the option period stipulated in Civil Service Branch Circular No. 12/87 -
(a)
(b)
for officers under the age of 50, 5 years as from 1 July 1987 or until their 50th birthday, whichever is the earlier, subject to a minimum period of 2 years; and for officers between the age of 50 and 55, 2 years from 1 July 1987 or until the day before their 55th birthday, whichever is the earlier.
3
At the request of the Staff Side in June 1989 and having considered the circumstances prevailing at that time, we decided to extend the option period for those officers who had to exercise their option to join the NPS before 1 July 1989 by one year, to allow them more time to plan for their future. The arrangement was promulgated by Civil Service Branch Circular No. 21/89.
4
Staff have also expressed serious concern about the security of pensions and have asked for pension safeguards. Whilst we remain of the view that pensions are secure as they are a statutory right, a statutory charge on the general revenue and are guaranteed in the Joint Declaration and the Basic Law, in recognition of staff concern we have been investigating various pension safeguard options.
Executive Council