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New Pension Scheme
under the Pension Benefits Ordinance and
Regulations 1987
Old pension scheme under the Pensions Ordinance
and Regulations, Cap. 89
III. Disciplined Services officers who have been confirmed to the permanent establishment retiring
from the service after completion of 10 years' service or more
Required to retire on operational grounds at a prescribed age
Unreduced annual pension
=
Highest annual pensionable emoluments x (actual pensionable service in months +
rate of enhancement x every complete year of service) x 675
(subject to a maximum of 2/3 of the highest
pensionable emoluments or the pension which the officer would have been eligible had he been allowed to retire at the age of 60, whichever the lesser.)
If he opts to commute 50% of annual pension into a lump sum, he will receive
Commuted pension gratuity
plus
Reduced
annual pension
Example
= Unreduced annual pension x 50% x 14
=
Unreduced
annual pension
Retiring in normal circumstances
Highest annual pensionable emoluments x
1
pensionable service in months x
600
(subject to a maximum of 2/3 of the 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
Commuted pension gratuity
plus
Unreduced annual pension x 50%
Reduced annual pension
- Unreduced annual pension x 75%
A Disciplined Services officer who is required to retire at the age of 55 on operational grounds, after completing 360 months' service on 100% pensionability with a highest annual salary of $72,000 -
Example
A Disciplined Services officer who retires at the age of 55, after completing 360 months' service on 100% pensionability with a highest annual salary of $72,000 -
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New Pension Scheme
under the Pension Benefits Ordinance and
Regulations 1987
Unreduced
annual
$72,000 x (360+ 1.25 x 30) x
1
675
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