Ms Bridget Paris
Hong Kong Department
Foreign & Commonwealth Office
London
SW1A 2AH
Dear Ms Paris
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Висул
6828019
GOVERNMENT ACTUARY'S DEPARTMENT
22 KINGSWAY LONDON WC2B 6LE
TELEPHONE 071-242 6828 Ext
HKA 233/1
FAX 071-831 6653
Hong Kong Pensions
8766/6
23 September 1992
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You mentioned that the Hong Kong Government is thinking of commissioning an actuarial review of the Hong Kong civil service pension scheme. The calculations would cover the local staff as well as HMOCS. Hong Kong have requested "the cost of updating the actuarial valuation of the Hong Kong pension liability in years after 1997". On a general point, it does seem appropriate that Hong Kong should have available to them an up-to-date assessment of the pension liability, if for no other reason than to be prepared for any questions which might arise in the run-up to 1997.
Previous work by GAD on Hong Kong Pensions
I expect that Hong Kong are thinking of work done by GAD as far back as 1984. The original purpose of this work was to project the annual expenditure on civil and police pensions for pensionable officers, and retirement allowances for non- pensionable officers. Annual expenditure was projected from 1997 onwards for the benefits payable to officers and pensioners at that time, and in the steady-state where officers leaving the scheme are replaced by new entrants. The projections were based on the numbers in the scheme as at 29 February 1984. These calculations were updated in 1986.
In addition to the work above on the schemes for officers' benefits, we also prepared cost estimates for Hong Kong's review of the Widows' and Children's Pension Scheme in 1986/87. These estimates were based on the numbers in the scheme at that time, and led to advice on the contribution rate for a voluntary scheme. We have also prepared tables of factors for Hong Kong to use in determining compensation for loss of office.
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