TNAG-1670-FCO40-23182-Future-of-Hong-Kong-continuity-of-administration-civil-serv-1987 — Page 148

New Pension Scheme

under the Pension Benefits Ordinance and

Regulations 1987

5

Old pension scheme

under the Pensions Ordinance and Regulations, Cap. 89

Unreduced

annual pension

1

*

$72,000 x (360 + 1.25 x 30)

X

675

=

$42,400 p.a.

If he opts to commute 50% of annual pension into a lump sum, he will receive

Commuted

pension

gratuity

plus

-

$42,400 x 50% x 14

$296,800

1

Unreduced

=

$72,000 x 360 x

600

= $43,200 p.a.

annual pension

If he opts to commute 25% of annual pension into a lump sum, he will receive

Commuted

pension

gratuity

plus

=

$43,200 x 25% x 14

$151,200

Reduced

annual pension

(0057P)

= $42,400 x 50%

$21,200 p.a.

Reduced annual pension

=

$43,200 x 75%

$32,400 p.a.