APPENDIX C
Hong Kong Pension Examples
Administrative Grades
To illustrate the level of provision made for HMOCS administrative staff in Hong Kong,
relative to the pension provision for UK civil servants in equivalent grades, figures have been
calculated for an HMOCS officer who enters service at age 25 and retires at age 55 (the usual
age for Hong Kong administrative grades). The grade at retirement has been taken as
SAO/CEO and the equivalent grade in the UK is assumed to be Principal (Grade 7).
In order to achieve a valid comparison, the UK equivalent has been assumed to have
experienced the same career history and to have elected to retire at age 55, the same age as
the Hong Kong officer.
Personal Data
Benefit Levels
Entry Age 25;
Retirement Age 55
Reckonable Service
30 years
Final Salary - Hong Kong
-
- UK
$589,680 (£42,120)
£29,073
Accrual rate per year of service:
(i)
Personal Pension
(ii) Lump Sum
(iii) Spouse's Pension
Hong Kong
UK
1/50
1/80
25% Commutation
3/80
1/120
1/160
=
(Early retirement factors in UK for age 55 71.8% for pension, and 86.6% for lump sum).
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