TNAG-1754-FCO40-2474-Future-of-Hong-Kong-Parliamentary-debates-1988 — Page 89

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3.

New Pension Scheme

On 1 July 1987, following discussions with the Chinese Government, the Hong Kong Government implemented a new pension scheme. Its main features include the payment of pensions as of

right; changing the retirement age from 55 to 60; an increase from 25 percent to 50 percent in the proportion of pension that can be commuted into lump sum payment; and provision for deferred pensions to be paid to officers who resign after 10 or more years service.

Serving officers have been given an option period of up to five years, depending on their age, to elect whether to transfer to the

new scheme.

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