TNAG-2222-FCO40-3193-Hong-Kong-Civil-Service-general-policy-1991 — Page 89

8

.bject

Civil Service (1)

issues

Pension

(AP 295/5/2C

(90))

:

.Object

To examine staff (1) On requests for

pension

safeguards

(2) Briefing for

the Chinese

(2)

Latest Position

19.2.91 PSPG decided that the option of offering a provident fund scheme instead of pensions to new recruits should be kept open. Also, a new option of a hypothecated pension funds scheme, whereby officer: can borrow from private institutions

certain percentage

their accrued pension benefits should be explored further. The feasibility of the latter option is being discussed with two financial institutions on confidential basis. A paper СГ

preliminary

a

a the

on

At

of

assessment

of

the

or

advantages and disadvantages of the 4 options was handed to the Chinese

7.6.91.

JLG XIX held 12.6.91, the Chinese expressed their preference for partial funding .i.e.

a $15 billion reserve fund.

after are likely

Experts talks Chinese have studied the paper.

the

Further written information On financial implications of modifications to existing pension

the

arrangements

delivered

Chinese on 29.4.91.

to Consultation

the

with

2.5.91 as planned.

on 12.6.91, the Chinese

bodies started advisory

At JLG XIX held

give their views on the modification as soon as possible.

on

agreed

to