TNAG-2420-FCO40-3522-Hong-Kong-Her-Majesty-s-Overseas-Civil-Service-(HMOCS)-poli-1992 — Page 125

Chart1

COST OF DISCOUNTS

Average

Investment

Payment

Due

Factor

Discount Marginal Return Committed Rate of

Discount Required HK$ mn

Surplus/

Value on (deficit) Retirement

HK$ mn

Interest

1993

1 0.9449

5.8%

5.8%

100

5.0%

99.215 (0.785)

1994

2

0.8661

9.1%

7.5%

100

5.9%

97.168

(2.832)

1995

3 0.7801

11.0%

8.6%

150

6.4%

140.950

(9.050)

1996

4

0.7012

11.3%

9.3%

150

6.8%

136.842 (13.158)

1997

5

0.63

11.3%

9.7%

200

7.2%

178.379 (21.621)

1998

6

0.57

10.5%

9.8%

200

7.4%

174.469 (25.531)

1999

7

0.5171

10.2%

9.9%

250

7.5%

214.474 (35.526)

2000

8

0.4679.

10.5%

10.0%

250

7.6%

210.180 (39.820)

2001

9

0.4411

6.1%

9.5%

300

7.7%

257.988 (42.012)

2002

10

0.4091

7.8%

9.3%

300

7.8%

260.099 (39.901)