(d) inform all officers that they must make the transfer
from contract terms to pensionable terms within six months, otherwise the Secretary of State will not accept them as
members of HMOCS; and
that these issues should be promulgated to prospective HMOCS as soon as possible.
Background and Argument
BOUGHT BACK PENSIONABLE SERVICE
3. When officers in Hong Kong are permitted to transfer from contract terms to pensionable terms, the Hong Kong Government (HKG) also allow them to "buy back" pensionable
service- so that they are eligible to receive a pension for
the whole or any lesser period of their total service. The
officer may buy back service by repaying the contract gratuities (25% of salary plus interest) he received over that period.
Such
4. We now know that there will be a final rump of about 120 contract officers who are likely to meet the criteria for
membership of HMOCS. In addition, a number of contract officers have, over the years, transferred and been admitted
as members of HMOCS. We need to decide whether any service these officers buy back should count as "pensionable service" for the purposes of our compensation scheme.
service will make a difference. Compensation is based on age, salary and length of service. Compensation increases
for each year of service until 10 years have been reached- and until the proposed cap, £120,000, on the compensation is reached. Since there are now less than 5 years to July 1997
were we not to count bought back service it would hit
buy.back.HMOCS.mvs
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Private notes are available after approval.