HKCB 233 / 1
Reference
BY FAX.
Mr DS Fish (Overseas Pension Dept ODA)
HMOCS MATTERS: APPROACH TO THE TREASURY
BW
115
0355-844099
7243-4099)
(17)
1.
Thank you for your minute of 8 August 1991 enclosing a revised draft letter to the Treasury.
We think that your
draft admirably fits the bill. We have a number of minor suggestions to make on drafting, which I shall send to you in slower time. The only comment of substance that we would like to suggest is the reinstatement of an extra sentence on the Carr-Robertson Assurance of 1964. I think it is important that this assurance is fully flagged up because it is an existing commitment by HMG to make pension payments should the SARG default or should HMOCS officers "find themselves in financial difficulties." We need to flag this up to reduce the financial implications that can be directly attributed to a sterling safeguard.
2. I think this can be quite easily done by replacing paragraph 8 of annex B (on sterling safeguards) with the following.
"Finally it should be remembered that if the SAR government were to default on pension payments or if HMOCS officers were to find themselves in financial difficulties, HMG is already commited to stepping in on behalf of HMOCs officers. assurances are contained in the so called Carr-Robertson assurance of 1964. At that time Mr Carr stated that the British Government would ensure the payment of pensions in the event of a default and also stated that if a pensioner found himself in financial difficulties the British Government would feel obliged to take appropriate remedial action. The existance of these assurances needs to be borne in mind when considering what may at first appear to be the substantial possible implications of a sterling safeguard."
3. We are still keen to get these papers to the Treasury as soon as we can this month and I hope that you will be able to clear your lines quickly. We now intend that Sir J Coles should send the letter, to give it appropriate weight.
Mitel oftare.
мля
M Stone
Hong Kong Department
WH 302
270 2650
14 August 1991
cc: Mr J V Kirby (AUSS)
ODA
CODE 18-77
ROFAST TG
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