Tue 15 sep DE 19
-2-
The Hon. E.B. Wiggnam, C.B.E., J.P..
Continued....
11th September 1992-
Зере
4. Lastly, I would point out that the GBP/HKD exchange rate is presently at an historical high. If an officer takes out a HKD loan today in order to buy GBP, and finds in five years time that the exchange rate has moved signi- ficantly against him, he might well feel aggrieved. the GBP value of his commuted pension would be lower than it would have been if he had simply
if he had simply done nothing, and the whole exercise would only have cost him money.
Nevertheless, should you consider that che potential and financially unquantifiable risks of such a scheme are accept- able, I should be happy to try and quantify the known costs for you..
I am sorry once again to be so negative but there seems to be no simple and cost effective solution to the problem. With the value of the officers' pensions at stake however I make no apology for acting as the devil's advocate!
Yamo Low