XN000022-1990-02-21 — Page 5

WEDNESDAY, FEBRUARY 21, 1990

OPTIONS BEING EXPLORED ON PENSION ARRANGEMENTS

OPTIONS

IF EXISTING SERVANTS COULD

TO SEE THE

IS EXPLORING GOVERNMENT ARRANGEMENTS CONCERNING PENSION COMMITMENTS FOR CIVIL BE MADE MORE FLEXIBLE TO REASSURE STAFF, THE CHIEF SECRETARY, THE HON SIR DAVID FORD, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SIR DAVID REPLYING TO A QUESTION FROM THE HON JAMES MCGREGOR,

WAS SAID AS HE MENTIONED IN THE COUNCIL ON FEBRUARY 7, THE GOVERNMENT

THE SECURITY AWARE THERE WAS SOME CONCERN AMONG CIVIL SERVANTS ABOUT OF THEIR PENSIONS.

THE

FOR PROVIDED LEGISLATION HE EXPLAINED THAT THE PENSIONS

SERVANTS AS OF RIGHT, PAYMENT OF PENSION BENEFITS TO RETIRED CIVIL AND PENSIONS WERE A STATUTORY CHARGE ON THE GENERAL REVENUE.

"THE OPTION OF FUNDING PENSIONS WHICH SIMPLY NOT FEASIBLE.

HAS BEEN SUGGESTED IS

".

то "SUCH A FUND WOULD HAVE TO BE IN THE REGION OF $120 BILLION

UP TO 1997,' GENERATE SUFFICIENT INCOME TO MEET PENSION COMMITMENTS HE SAID.

A RECEIVED SIR DAVID SAID THE GOVERNMENT HAD PROPOSALS FROM STAFF AND WAS CAREFULLY EXAMINING THE EACH OF THEM.

WIDE RANGE OF IMPLICATIONS OF

"AT THIS STAGE, IT IS PREMATURE TO SAY WHICH PROPOSALS, IF WILL BE FOUND PRACTICABLE OR ACCEPTABLE," HE SAID.

ANY

OF

ALSO PROVISION THE CHIEF SECRETARY POINTED OUT THAT THERE WAS UNDER THE JOINT DECLARATION FOR SAFEGUARDING THE CONTINUED PAYMENT PENSIONS AFTER 1997.

JOINT DECLARATION SPECIFICALLY "SECTION IV OF ANNEX I TO THE

REGION GOVERNMENT PROVIDES THAT THE HONG KONG SPECIAL ADMINISTRATIVE

PENSIONERS ON TERMS NO SHALL PAY ALL PENSIONS AND BENEFITS DUE TO

OF THE PENSIONERS' AND IRRESPECTIVE BEFORE, LESS FAVOURABLE THAN NATIONALITY OR PLACE OF RESIDENCE.

'THE SAME GUARANTEE IS EMBODIED IN ARTICLE

101 OF

THE DRAFT

BASIC LAW, HE SAID.

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