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CONFIDENTIAL
Reference
445
Mr Ricketts
Hong Kong Department/FCO
HMOCS: HONG KONG
Yes,
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From: D S FISH
(Ext 3444)
Date: 2 July 1992
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1. I note that the recent briefing for the Secretary of State's meeting with Mr Portillo made reference to the acceptance by HMOCS of the package of measures which we are now proposing.
2.
I think it is rather misleading to suggest that even our much improved proposals will be acceptable to the HMOCS Association. They will be most unhappy on three not insignificant points:
3.
i)
ii)
a sterling safeguard, if secured at 16:1, will be some way below what they are expecting;
the cap of £120,000 will limit the payments to about 75% of those eligible and in many cases will significantly reduce the sum payable;
iii) we are unlikely to be able to meet their demands for early retirement with immediate payment of pension.
I know that the previous Governor advised to the contrary, but I think that Ministers must be prepared for an HMOCS campaign against our package, even if
we can eventually persuade the Treasury to agree to it in full. I believe that our proposals are defensible both here and in Hong Kong but I have every expectation that they will have to be imposed, rather than following an agreement with the Association.
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D S FISH
Overseas Pensions Department
2 July 1992
CONFIDENTIAL