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Question: What are their response?
Governor: They are as disturbed and upset as you or I would be.
End
Consultancy for MPF legislation appointed
The Government has appointed a consortium to undertake a 12-month consultancy for the development of the Mandatory Provident Fund (MPF) subsidiary legislation.
The consortium, headed by Watson Wyatt and comprising Price Waterhouse and State Street, will provide a team of 10 consultants including auditors, actuaries, solicitors, trustees, custodians and investment managers with expertise and experience in retirement schemes business.
They will work closely with the civil service staff of the MPF Office to be established shortly.
Signing the agreement with the consortium today (Saturday), Deputy Secretary for Financial Services and Director of the soon-to-be set up MPF Office, Mrs Pamela Tan, said: "The Government is committed to completing the MPF legislation by 1996, which means we will have to adhere to a very tight time frame.
"The consultants are expected to commence work from next week and draw up proposals on key issues for incorporation in the MPF subsidiary legislation.
"The consultants will also be required to make operational proposals necessary for the MPF Authority and service providers when implementing the MPF System."
Earlier on November 24 last year, the Government had successfully bided a sum of $22 million from the Legislative Council Finance Committee for the engagement of consultants to provide the MPF Office with technical support for the development of the MPF subsidiary legislation.
Its request for creation of civil service posts for the MPF Office was withdrawn from the Establishment Sub-Committee of the Finance Committee on December 13 in the light of comments by LegCo members.
The revised proposal was passed at yesterday's Finance Committee.
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Private notes are available after approval.