IDENTIAL
137462
MDHIAN 1506
CON DENTIAL
FM HUNG KONG
TELNO 1636
TO IMMEDIATE FCO
OF 22045OZ MAY 90
HKB 233/1
RECEIVED IN
.STRY
31 MAY 1990 DCIOF COPY
INDEX
POIST ?
MARSDEN'S UNNUMBERED TELEGRAM TO THE CHIEF SECRETARY
OSPA: STERLING SAFEGUARDS
1
PLEASE REFER TO OUR COMMENTS IN TELNO 1612 REGARDING THE STATEMENT THAT HK PENSIONERS CONTINUE TO DO REASONABLY WELL IN COMPARISON WITH THEIR UK COUNTERPARTS. OTHERWISE, WE ARE CONTENT WITH YOUR DRAFT REPLY.
12
2. ON PARA 6 OF OSPA'S LETTER OF 4 APRIL, A RECENT REVIEW HAS CONCLUDED THAT CPI(A) REMAINS AN APPROPRIATE INDICATOR OF PRICE INFLATION FOR PENSION INCREASE PURPOSES. OVER 90 PER CENT OF OUR PENSIONERS ARE WITHIN OR BELOW ITS EXPENDITURE BRACKET. THIS HAS
BEEN ENDORSED BY EXCO.
3. ON PARA 3 OF OSPA'S LETTER OF 25 APRIL, WE ARE WELL AWARE THAT THE PRESENT SYSTEM OF SPOS DOES NOT PROVIDE FOR PROTECTION OF PENSIONS AGAINST CURRENCY FLUCTUATIONS. IN OUR LETTER TO MR COLVYN HAYE, WHEN WE REFERRED TO HMG'S SPECIAL OBLIGATION TO HMOCS MEMBERS, WE HAD IN MIND THE SPECIAL OBLIGATIONS REFERRED TO IN THE VARIOUS WHITE PAPERS ON HMOCS.
FORD
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MAIN
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DISTRIBUTION
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HKD
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