26 November 1993
Alan McDonald Esq ODA
Foreign & Commonwealth
Office
319
HKA 233/1
J. 1994
London SWIA 2AH
Telephone: 071-
Dear Alam,
HMOCS: COMPENSATION AND STERLING SAFEGUARD SCHEMES
1. As you know, the Minister will write to the Chairman of the HMOCS Association next week to provide him with a note setting out the main features of the compensation scheme and the sterling pension safeguard scheme, as well as an explanation of the SPOS amendment.
2.
I attach for your comments a draft note on the
compensation and sterling pension safeguard schemes. The latter is essentially the same as the one you provided earlier, and you will see that I have tried to keep the former as brief and as simple as possible.
3. You will notice that I have rationalised the dates on which the various calculations are based so that, as far as possible, January 1992 is the benchmark. This seems to me to be sensible as it will otherwise be difficult to explain why we have set different dates for different elements of the schemes. I do not imagine that the Treasury will object as, if anything, it may result in a marginal reduction in cost.
4. I would be grateful for early comments so that I can show the drafts to Mike Waters (and possibly also Paul Fifoot) before submitting to Ministers.
Your eve Nijel
NC G Whitney
Hong Kong Department
don.let.ADM
SLM
No comments yet.
Private notes are available after approval.