?
officer
could only
have
เด
6
access
to
his fund, .with any
accumulated yields, when he had reached statutory retirement
age and had repaid the original loan from the commuted
pension lump sum.
14.
The
Administration
engaged an
independent
consultant
The consultant
to conduct a feasibility study into this proposal.
has now concluded that the proposed scheme
funded by the issue of debt securities, backed by the future
flow of lump sum payments is technically feasible, but cannot
be implemented until a market for long term fixed rate Hong
Kong dollar debt instruments develops.
market, the
To create such a
consultant recommended that urgent consideration
be given by Government to requiring private sector pension
schemes to maintain 50% of their assets in Hong Kong dollars.
15.
As an alternative, the consultant recommended that
receivable purchase and exchange rate hedging schemes be
further pursued. He further recommended that an actuary and
a team of experts from the derivatives and debt markets
should be commissioned for a follow-up study.
16.
Affairs
made by
Civil Service Branch, Finance Branch and Monetary
Branch have carefully examined the recommendations
the consultant but have' concluded that none of them
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