96
122402 MDHOAN 5123
UNCLASSIFIED
HKA 016/1
TOP COPY Q DIST?
UNCLASSIFIED
FM FCO
TO IMMEDIATE HONG KONG
TELNO 1677
OF 011713Z DECEMBER 92
INFO IMMEDIATE UKREP JLG HONG KONG
ра
PERSONAL FOR PS/GH FROM RICKETTS, HKD UKREP JLG PERSONAL FOR GALSWORTHY
PENSIONS SAFEGUARDS
1
►
We noted from Tony Galsworthy's letter of 27 November to the Chief Secretary that ExCo have been looking at the issue of a pension safeguard fund.
2 =
I am sure you have in mind that there are a number of angles to this which will be of interest here, and on which we should keep Ministers briefed. Apart from the question of handling the Chinese which Tony Galsworthy covers, there is also the implications for Hong Kong reserves position (the Treasury were fully consulted over the decision to accept the figure of HK 25 billion in the airport MOU). Ministers have also been lobbied by the Hong Kong Chinese Civil Servants' Association on the issue of civil service pensions: and may also want to be reminded of the arguments why HKG could not set aside money for an HMOCS pensions safeguard arrangement.
3. Grateful therefore if we could be kept in touch with your thinking: and given a chance to consult Ministers before decisions are taken.
HURD
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