1.
CONFIDENTIAL
ZCZC
CONFIDENTIAL
ELEGRAM
FM FCO
TO IMMEDIATE HONG KONG
TELNO
OF 211500Z NOVEMBER 91
INFO ROUTINE PEKING, UKREP JLG HONG KONG
PERSONAL FOR GOVERNOR FROM BURNS, AUSS
PEKING: PERSONAL FOR AMBASSADOR
UKREP JLG HONG KONG: PERSONAL FOR MR GALSWORTHY
IMMEDIATE
HONG KONG HMOCS: COMPENSATION/INCENTIVE SCHEME AND PENSIONS
15
20
ཏྭཱ 1
2-.
25:
26
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1. FCO, ODA and Treasury officials have been considering further the suggestions of a compensation/incentive scheme and pensions arrangements for HMOCS. In particular, attention has focused on possible ways of protecting HMOCS officers' pensions in case of a future substantial decline in the value of the Hong Kong dollar. Treasury colleagues have made it clear that they are not in a position to recommend to Treasury Ministers that the UK tax payer should be burdened with financial liabilities in respect of Hong Kong Government pensions without the transfer
of related assets.
2.
As we see it, the next step must be to consider further the scope for arrangements which involve the transfer of pension Liabilities and related assets from the Hong Kong Government to
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