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Option C:
HMG to under-write pensions at discounted rate of HK$24 : £1
ANNUAL COST:
If HK dollar at or above this rate: Nil
If HK dollar became worthless (or if SARG defaulted):
in 1998: £ 7.0 m
Option D:
in 2011: £ 11.7 m
HMG to under-write pensions at discounted rate of HK$30 :
ANNUAL COST:
If HK dollar at or above this rate: Nil
If HK dollar became worthless (or if SARG defaulted):
in 1998: in 2011:
£5.57m £9.33m
Option E:
HMG to under-write pensions at exchange rate prevailing on date of officer's retirement
ANNUAL COST:
Option F:
[Treasury/GAD to suggest some basis for estimating
potential costs? Likely to be much higher than fixed trigger point, given numbers of officers who retired when Hong Kong dollar's value against sterling was higher than now?]
HMG to under-write only non-commuted element of pensions at:
(a)
exchange-rate of HK$13.76 : £1
ANNUAL COST:
if no commutation
all take max comutation
(b)
exchange-rate of HK$16 : £1
ANNUAL COST:
(c) exchange-rate of HK$20 : £1
ANNUAL COST:
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