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Comparative pension benefits under
the new pension scheme and the old pension scheme
New Pension Scheme
under the Pension Benefits Ordinance and
Regulations 1987
Old pension scheme under the Pensions Ordinance and Regulations, Cap. 89
For Category A officer (i.e. officer confirmed to pensionable establishment) retiring from service after completion of 10 years' service or more
Unreduced =
annual
Highest annual pensionable emoluments x
1 pensionable service in months x
Unreduced
annual
675
pension
pension
=
Annex E
Highest annual pensionable emoluments x
1 pensionable service in months x
600
(subject to a maximum of 2/3 of highest
pensionable emoluments)
If he opts to commute 50% of annual pension into a lump sum, he will receive
-
Commuted = Unreduced annual pension x 50% x 14 pension
(subject to a maximum of 2/3 of highest
pensionable emoluments)
If he opts to commute 25% of annual pension into a lump sum, he will receive
Unreduced annual pension x 25% x 14
gratuity
Commuted pension gratuity
plus
plus
Reduced
annual pension
= Unreduced annual pension x 50%
Reduced annual pension
Unreduced annual pension x 75%
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