CONFIDENTIAL #
18
24.
A new pension scheme for the civil service
was implemented on 1 July 1987. Its main features
include the payment of pensions as of right; changing
the retirement age from 55 to 60; an increase from 25
per cent to 50 per cent in the proportion of pension
that can be commuted into a lump sum payment; and
provision for deferred pensions to be paid to
officers who resign after 10 or more years' service.
Serving officers, depending on
their age, have been
given an option period of up to five years to elect
whether to transfer to the new scheme.
25.
Following consultations with
with staff, a
compensation scheme for certain overseas officers has
also now been approved. This will, amongst other
things, enable pensionable overseas officers who are
required to retire early, or who are superseded for
promotion in order to make way for local officers, to
be compensated for loss of career.
CONFIDENTIAL #
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