FAUL FIFOCT
To: NIGEL WHITNEY
FAX TRANSMISSION
Hong Kong Department, FCO
Fax No.: 071 270 3387
Pages, including this page: 10.
PLEASE COPY TO: ALAN MCDONALD, ODA
From: PAUL FIFOOT
Fax and tel no.: 0372 723755
Date: 22nd April 1993
for
逐
HKA 233/1
29 1993 TES
F.01 10
114)
HONG KONG: STERLING SAFEGUARDS
1. This and the nexollowing fax contain a revised draft of the Sterling Safeguard Scheme.
2. I have followed the formulae and rules sent to me on 7th April by Alan McDonald with three exceptions:
Alur says we do
Wallis Acti
(a) in Annex I, I have made a distinction between officers who receive a pension before 1st April 1992 (we revise the pensionable emoluments for pensions granted after 31st March 1992 to make them accord with salaries payable in the year 1991/1992) and those who receive a pension after that date; in the former case, I have made the pension as granted the basis for determining the "notional pension" and have not required it to be re-calculated according to the officer's equivalent salary in 1991/1992.
The reason why we have adopted the requirement for re-calculation as at the equivalent grade and salary point in 1991/1992 is to avoid any liability to safeguard pensions granted on the basis of emoluments which may be substantially increased in the future: i.e. we will not guarantee pensions above 1991/1992 rates plus RPI. But that does not mean that we have to bring past pensions up to current salary rates. To do so would surely be not
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