CONFIDENTIAL
6. It is therefore possible that Mr Portillo may argue that the 4 elements (compensation, sterling safeguards, SPOS and right to retire), form part of an interrelated package and that, because we are still unclear about (a) the private sector option, and (b) right to retire, no decisions should
yet be taken. Our bottom line should be to secure agreement by the end of the Governor's visit next week, at least on the principle of traditional compensation, sterling safeguard, and SPOS amendment, and that (as the Secretary of State's minute to Mr Portillo makes clear) there should be new PES provision for this from 1997. Early retirement would be a welcome addition if the Governor decides to make it available. But it would not be part of the HMG package which we need to put to the HMOCS Association in Hong Kong before the end of the year.
PF Ricketts
sub.overs.civils.ADM CONFIDENTIAL
JEB
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