25-AUG-1992
16:43
C.S.B. (2) 8685069
+852 524 5164
P.03
2
APPENDIX B
DETAILS OF THE ADMINISTRATIVE ARRAN JEMENTS FOR THE PAYMENT OF TEMSICHS (1) Fetirement benefits granted to an officer are payable in Hong Kong
and, except as otherwise provided in paragraph (1) below, in Hong Kong currency. If payment is required in a currency other than Bong Kong currency, the following provisions will apply :
(a) If required by an overseas officer in the currency of
his country of origin (see (c) below), that currency will be calculated at the official rate of exchange, or if there is no official rate of excharge, at the prevailing rate;
(D) If required by an overseas officer in a currency other
than that of his courtry of origin, or by a local officer in other than Hong Kong currency, that currency will be calculated at the prevailing rate of exchange inclusive of transfer and other charges :
(c) "country of origin" means the officer's cousity of
origin for leave and passage purposes (see C.S.R. 1300(e)) at the time of his retirement.
(2) Retirement benefits awarced to officers employed by the Bong
Kong Government of a sterling salary, who accepted conversion to a dollar salary under the terms of the 1947 Slaries Revision, vill be paid in sterling at a fixed exchange rate of $16 to £1, provided that :
(a) this concession will not apply to any part o: a pension
deductable under the Widows and Orphans Pens: on Ordinance (Chapter 94),
(b) the exchange rate may be reviewed if at any suture
date pensionable emoluments or pensions are:ncreased in consequence of a tepreciation of the Hong Kong dollar in terms of sterling; and
(c) officers eligible for this concession may elect at any
time to receive their pensions in Hong Kong dollars but if they wish their election to be effective from the date of their retirement, the option must reach the Director of Accounting Services within three months of the date of their retirerent. Once they have so elected they may not again claim the fixed exchange ate.
*
(3) Retirement gratuity and pensior may be paid in cash or to the
Where the pensioner pensioner's bank account in Hong Kong. visbes to have his retirement gratuity paid to his bank account in Hong Kong he should complete and forward to the Treasury a payment instruction form, which will be sent to lin some time prior to his retirement. Where the pensioner is residing outside Hong Kong he may, on request, lave his retiremen gratuity and pension paid through the Crow: Agents, or other authorised agent of the Government, in accordance with the provis: ons laid down in (1) aboto. Where the persioner is residing in the United Kingdom. and requests payment in that untry, he must have his pension paid through the Crown A¿ents..
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