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statutory charge on the
General
Revenue.
The Joint
Declaration and the Basic Law provide that this legislation
will continue in force after 1997.
specific guarantees
They also contain
that the SARG shall pay pension benefits
due to pensioners irrespective of nationality or place of
residence, on terms no less
practice,
favourable than before. In
Government should have little difficulty in
Pensions
discharging its legal pensions obligations.
expenditure over the next twelve years is forecast to
represent only about 4% 5% of Government's recurrent annual
operating expenditure.
4.
However staff concerns and worries are very real,
and the issue of pension security has become а major
psychological factor affecting morale within the Civil
Service. Failure to address these concerns will have adverse
and destabilising consequences. In view of these concerns
and their effect, the Administration has considered various
proposals for pension safeguards.
Proposals under Consideration
5.
Proposals which have been examined by the
Administration include the following :
G.F. 326
CONFIDENTIAL # 3
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