options.1.HHOCS
MVS
CONFIDENTIAL
OPTION B: COMPARATOR
HMG to underwrite pensions at a level comparable to those received by equivalent grades in the UK, ie if the sterling value of an HMOCS officer's pension fell below that of his UK grade equivalent, HMG would make up the difference.
POTENTIAL ANNUAL COSTS:
Advantages:
(a) Provide definite guarantee to officers that the value of
their pensions would be safeguarded at the level of their UK counterparts
(b) Equity of treatment for both serving and retired
officers
Disadvantages:
(a) Very difficult to make accurate job comparisons
particularly for existing pensioners would probably be challenged by many HMOCS officers and existing pensions (b) Hard to resist demand for immediate introduction for
current pensioners
(c) Very difficult to administer - in effect large numbers of
safeguared triggers would apply
(d) Some immediate cost on introduction
CONFIDENTIAL
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