TNAG-1848-FCO40-2623-House-of-Commons-Select-Committee-on-Foreign-Affairs-enquiry-1989 — Page 66

Extracts from Minutes of the Meeting of The Executive Council of Hong Kong held in the Council Chamber on

M(89)5

IN ATTENDANCE

Mr G.T. BARNES

63

CONFIDENTIAL

Secretary for Security

Mr A.J. CARTER - Director of Immigration

Tuesday 31 Jan 1989

MIS L.K.Y. Security

WEI

P

Principal Assistant Secretary

for

A50

VALUE OF PENSIONS FOR OVERSEAS PENSIONERS CURRENCY PROTECTION: XCC(89)22

COMMENTARY

made

In discussion, the following points were

(a)

It would be difficult to

justify

protecting the pensions of a Small

of

group of overseas pensioners, and

not

those of local pensioners who choose to

live abroad;

(b) Overseas

pensioners' concerns

had

arisen largely because of recent, short

term movements in exchange rates which

had reduced the sterling value of their

pensions. In the long term, however,

exchange rates might work

to

pensioners'

advantage.

Rather than

introduce a mechanism to protect their

current value, it may be

wiser

to

consider

measures

which could

be

CONFIDENTIAL

الفرحة