1.
1.1
1.2
1.3
HMOCS Pensions and Compensation/Incentive Scheme
Exploratory proposal, without commitment
HMG assumes responsibility for HKG pensions and UK pensions increase for serving HMOCS, HMOCS pensioners and deferred pensioners.
Transfer of responsibility matched by transfer payment to HMG by HKG of capitalised current value of liabilities for basic pensions and HK pensions increases, and for widows and dependents pensions.
In parallel, HMG provides for complementary compensation/incentive
in sterling
terms.
arrangements,
2.
Issues for Discussion
2.1
Timing of Transfer
Options : a)
1992
b)
later date
Preference
December 1992
2.2
Coverage of Transfer
Options : a)
accrued
b)
Preference
2.3
benefits at time of
transfer include future service
Liabilities as accrued at date of transfer, based on salary at that date.
Treatment of Future Service if not covered by
Transfer
pensionable by HKG without
Options : a)
sterling protection
b)
non-pensionable but gratuity-earning
A.
No comments yet.
Private notes are available after approval.