Heven;
Mr Kevin Woodfield
HM Treasury
You asked how safeguard would work.
HMOCS officers salary at 1992 HK$840,000.
Increases in line with UK RPI to HK$950,000 at 1997.
Retires in 1997 and pension calculated on basis of HK$950,000 per annum.
That pension = HK$300,000 per annum.
If sterling safeguard was 30:1, basic pension protected would be £10,000 per annum.
Lave
DS FISH
Overseas Pensions Department
November 1992
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