SECRET
124435
MDHIAN 0326
INITIATIVE. IT WAS THEREFORE IMPORTANT THAT THIS SHOULD BE DONE BEFORE THE JLG MEETING NEXT WEEK.
4.
IN ADDITION, IT IS ESSENTIAL THAT WE INFORM STAFF NOW OF THE EXTENSION OF THE NEW PENSION SCHEME OPTION DEADLINE. THE EXISTING DEADLINE IS FAST APPROACHING AND WE CANNOT DELAY THIS ASPECT ANY LONGER. A DRAFT SPEAKING NOTE HAS BEEN PREPARED - TEXT IN MIFT. WE INTEND TO USE IT TO INFORM STAFF TOMORROW (3 DECEMBER) AFTERNOON HONG KONG TIME.
5. WE ARE AWARE OF UKREP JLG'S RESERVATIONS ABOUT THIS APPROACH, AND UNDERSTAND THAT HE WILL BE TELEGRAPHING SEPARATELY ON THIS. HOWEVER, EXCO WAS AWARE OF THIS WHEN TAKING ITS DECISION. THERE WAS GROWING FEELING AMONG ALL THE NON OFFICIAL MEMBERS OF EXCO ON THIS ISSUE AND IT WAS ONLY WITH DIFFICULTY THAT WE WERE ABLE TO PERSUADE THEM THAT WE WOULD NOT MAKE AN UNEQUIVOCAL COMMITMENT TO PROVIDE FUNDING STRAIGHT-AWAY.
6.
WE HAVE DEALT WITH THE POINT IN THE LAST SENTENCE OF PARAGRAPH 2 OF TUR AT LENGTH IN PREVIOUS EXCHANGES. ANY SAFEGUARDS THAT WE MIGHT INTRODUCE COULD ONLY BE APPLICABLE SERVICE WIDE AND COULD NOT PROVIDE PROTECTION OF PENSIONS IN STERLING OR ANY OTHER FOREIGN CURRENCY. THEY COULD NOT MEET THE HMOCS OBLIGATION.
WE SHALL KEEP YOU INFORMED OF FURTHER DEVELOPMENTS ON THE SUBJECT OF LOCAL PENSION SAFEGUARDS.
7
·
PATTEN
YYYY
ΜΑΙΝ
42
DISTRIBUTION
44
.HER MAJESTY'S OVERSEAS
.CIVIL SERVICE RESTRICTED HKD
LEGAL ADVISERS//MISS BROOKS FED
NEWS D
RAD//MR WYE
OVERSEA PENSIONS/ODA//MR FISH PS
PS/MR GOODLAD
PS/PUS
SIR J COLES
MR HUM
MR KERBY
RMD
MR MUIR
PAGE
SECRET
2
ADDITIONAL
2
MR C ELSTON BANK OF ENGLAND
NNNN
MR J P MCINTYRE HMT
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