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civil service pensioners would receive. He argued that a rate of H26:£1, however, would be defensible to the Parliament, and to U taxpayers and pensioners.
5. Ministers agreed to set aside for present purposes the proposals on SPOS which will need to be re-examined in the light of decisions on a sterling safeguard.
6.
Your Secretary of State and the Chief Secretary agreed to meet again later this week if possible.
7.
But
Finally, I will not bother you with detailed comments on the draft OPD (K) paper since it will not be required for Wednesday's meeting.
I might just mention that it includes no reference to the very different circumstances of Hong Kong compared with those of other former colonies, which have been assisted as an aid Nor does it give any estimate of the very large measure. contingent liability cost of the sterling safeguard option being proposed. These are both points which the Treasury consider to be central to the issue of HMOCS future pension arrangements.
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I am copying this letter to Melanie Leech (Cabinet Office).
Yours,
Peter
PETER WANLESS Private Secretary
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