TNAG-1670-FCO40-23182-Future-of-Hong-Kong-continuity-of-administration-civil-serv-1987 — Page 46

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Old pension scheme. under the Pensions Ordinance and Regulations, Cap. 89

1

Unreduced

=

$72,000 x 360 x

600

annual

=

$43,200 p.a.

pension

=

$42,400 p.a.

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

-

Commuted = $42,400 x 50% x 14

pension

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

$43,200 x 25% x 14

pension

gratuity

-

$296,800

plus

Reduced annual pension

(0057P)

=

$42,400 x 50%

$21,200 p.a.

Commuted

pension

gratuity

$151,200

plus

Reduced

annual pension

=

$43,200 x 75%

$32,400 p.a.