TNAG-1668-FCO40-2317-Future-of-Hong-Kong-continuity-of-administration-civil-serv-1987 — Page 190

Commuted pension

gratuity

and reduced pension.

DI. 24 (Regs)

24. (1) Subject to subsections (5), (6) and (8), an

officer to whom any pension is granted under this Ordinance,

other than a pension under section 14 and an additional

pension under section 15, shall, if he has exercised his

option in accordance with subsection (2), be paid, in lieu

of any such pension or aggregate of the pensions, a reduced

pension at the rate of 50, 55, 60, 65, 70, 75, 80, 85, 90

or 95 per cent of the pension, or a similar percentage of

the aggregate of the pensions, according to the option

exercised, together with a commuted pension gratuity equal

to 14 times the amount of the reduction so made in the

annual pension or aggregate annual pensions.

(2)

The option referred to in subsection (1) shall -

(a)

be in writing addressed to the Director of

Accounting Services; and

(b)

state the rate of the reduced pension, in

accordance with subsection (1), in the annual

pension or aggregate of the annual pensions,

and shall be exercised, and if it has been exercised may be

revoked, not later than the day immediately preceding the