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WEDNESDAY, DECEMBER 21, 1977
AT THE COMMITTEE STAGE OF THE BILL, MR. BRIDGE MADE A NUMBER OF AMENDMENTS. THESE CONCERNED:
* THE PROTECTION OF WIDOWS AND CHILDREN'S PENSIONS
FROM BANKRUPTCY PROCEEDINGS WHETHER BANKRUPTCY OCCURS IN HONG KONG OR ELSEWHERE-
* ALLOWANCE FOR SUMS DUE TO CONTRIBUTORS TO BE SET
OFF AGAINST SUMS DUE FROM THEM-
*
*
*
ALLOWANCE FOR DIVORCED OR WIDOWED FEMALE OFFICER TO WITHDRAW FROM THE SCHEME WHEN SHE REMARRIES, WITH HER CONTRIBUTIONS RETURNED AND THE RETENTION OF SUCH RIGHTS AS MIGHT ACCRUE TO HER CHILDREN-
A CLARIFICATION THAT RETROSPECTIVE CONTRIBUTIONS BY A FEMALE OFFICER ARE ALLOWED ONLY FOR THE PERIOD OF HER PENSIONABLE SERVICE- AND
THE ENLARGEMENT OF THE COMPOSITION OF THE BOARD TO INCLUDE TWO MEMBERS WHO ARE NEITHER SERVING NOR RETIRED PUBLIC OFFICERS AND THE CHAIRMAN OF THE PUBLIC SERVICE COMMISSION SHOULD BE CHAIRMAN OF THE BOARD EX-OFFICIO.
MR. BRIDGE POINTED OUT THAT THE SCHEME HAS HAD AN INDEPENDENT ACTUARIAL ASSESSMENT BY THE UK GOVERNMENT ACTUARY, WHO AND SOME OF HIS SENIOR STAFF, HAVE AN UNRIVALLED COMBINATION OF LONG EXPERIENCE IN COMMERICAL INSURANCE FIRMS WITH SPECIALIST EXPERIENCE IN PUBLIC SECTOR PENSION SCHEMES WHICH ARE VERY DIFFERENT FROM THOSE IN THE PRIVATE SECTOR.+
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+1 AM CONFIDENT, THEREFORE, THAT WE HAVE HAD THE BEST POSSIBLE INDEPENDENT ACTUARIAL ASSESSMENT AND THAT, AS A RESULT, THE SCHEME IS WELL DESIGNED TO MEET ITS PURPOSE, + MR. BRIDGE SAID.
THE HON. Q.W. LEE, WHO COVENED AN AD HOC GROUP OF UNOFFICIALS TO STUDY THE BILL, ALSO SPOKE IN THE RESUMED DEBATE.
HE POINTED OUT THAT THE MAIN ATTRACTION OF THE SCHEME IS ITS RELATIVE SIMPLICITY IN THAT THE METHOD OF CALCULATING THE BENEFITS PAYABLE TO THE WIDOW AND CHILDREN OF A DECEASED CONTRIBUTOR WILL BE SIMILAR TO THE METHOD OF CALCULATING AN OFFICER'S OWN SERVICE PENSION.
HE SAID THIS WOULD MAKE IT MUCH EASIER FOR CONTRIBUTORS AND THE IR DEPENDANTS TO UNDERSTAND. HE OUTLINED THE IMPROVED FEATURES OF THE NEW SCHEME AS FOLLOWS:
* THE CALCULATION OF BENEFITS TO BE BASED ON FINAL
SALARY OR PENSION=
* THE INCLUSION IN THE SCHEME OF MALE JUNIOR RANKS AND WIDOWED AND DIVORCED FEMALE OFFICERS AND
*
THE EXTENSION OF THE PERIOD FOR WHICH A CHILD REMAINS ELIGIBLE UP TO THE AGE OF 23 WHERE HE OR SHE IS RECEIVING FULL-TIME EDUCATION,
MR. LEE WAS GLAD THAT THE POINTS SUGGESTED BY THE AD HOC GROUP IN THE COMPOSITION OF THE BOARD OF DIRECTORS WERE RECOGNISED BY THE SECRETARY FOR THE CIVIL SERVICE AND AMENDMENTS WERE MADE TO
INCORPORATE THE SUGGESTIONS.
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