TNAG-2060-FCO40-2938-Hong-Kong-Overseas-Service-Pensioners--Association-(OSPA)-1990 — Page 88

281

2. The Coach House,

HKB

233/1

West Drive,

190

Ham Manor,

Angmering,

West Sussex, BN164JE.

The Honourable Sir David Ford, KBE, LVO, JP, The Chief Secretary,

Hong Kong.

Dear

David

I am afraid that the

1st August 1990.

time has come when I feel that I must add my voice to those others who have been representing to you the difficulties

the difficulties of U.K. based Hong Kong Government pensioners, who continue to suffer the vagaries of the Sterling/HK Dollar exchange rate. I am well aware, of course, that the interests of Hong Kong pensioners have been the subject of extensive correspondence to you and HMG from Philip Haddon-Cave, Colvyn Haye, Douglas Blye and others and I had until now refrained from

from adding to your list of correspondents.

I am prompted to write now, however, because

I am beginning to wonder whether, in the midst of all

all the esoteric exchanges that have taken place over the past several years, the very real deterioration in income which pensioners are suffering in dollars and cents (or rather pounds!) has not been lost sight of. Perhaps therefore

of. Perhaps therefore it would be timely

to

ask you to consider the implications of exchange rate

variations in a particular case - My

My own, (but only because I am painfully familiar with the figures!)

The facts are:-

(i) My retirement date was 16th February 1983. On that date my "personal exchange rate" (PER, the rate which ensures that I receive NIL SPOS!) was HK$10.1905.

(ii) On 31st March 1990 my monthly HK dollar pension was HK$21,140.24. The HK$/£ exchange rate was HK$12.735.

(iii) With effect from 1st April 1990 the Hong Kong Government award me а ten per cent pension increase. My monthly HK dollar pension is now HK$23,254.26.

(iv) Today's (1st August) exchange rate is HK$14.44. (~) My monthly pension in sterling terms can thus

be variously expressed as

-

(a) At HK$10.1905.

At 31: 3:90

―

£2073.58 (old

"

1:4:90

(b) At HK$12.735

#

31:3:90

"

1:4:90

pension)

£2280.94 (new

pension)

£1660.01 (old

pension)

£1826.01 (new

pension)

(c) At HK$14.44.

11

31:3:90

-

£1464.00 (old

**

1:4:90

pension)

£1610.40 (new

pension)