EXAMPLE 4
OFFICER RETIRES ON OR AFTER 1 JANUARY 1992 FROM HONG KONG [MIXED SERVICE]
ACTUAL PENSION AND GRATUITY
Salary HK$ 25,000 at retirement. 400 months service.
Emoluments: For HK HK$ 500,000 For UK HK$50,000
Hypothetical HK pension:
400
600
x HK$ 25,000 = HK$ 16,666.66
Actual HK pension:
OR
HK$ 500,000
x HK$ 16,666.66 HK$ 15,151.51
w
HK$ 550,000
3/4 x HK$ 15,151.51 - HK$ 11,363.63
PLUS Gratuity of HK$ 3,787.87 x 14 = HK$ 53,030.29
NEW SCHEME
Equivalent salary at 1 Janaury 1992 HK$ 10,000
Hypothetical pension formula:
400
X HK$ 10,000 HK$ 6,666.66
600
Actual HK pension:
HK$ 500,000
x HK$ 6,666.66 HK$ 6,060.60
HK$ 550,000