HMOCS: STERLING COMPENSATION SCHEME
(a) The scheme would come into operation on 30 June 1996.
(b) The "appointed day" would be either 29 June 1997 for those
officers who stay on or a date between 30 June 1996 and 29 June 1997, ie a personal date for those who wish to
retire earlier with the approval of the Governor.
(c) The lump sum would be calculated on the appointed day
based on actual Hong Kong salaries as at 1 January 1992
converted at the average exchange rate for 1991 (ie
HK$13.7609:£1). The resulting sterling figure would be increased in line with UK RPI to the appointed day.
(d) The figure found through (c) above would then be applied
to a actuarily determined factor based on the officer's age
and length of service on the appointed day. The same
factor would be used irrespective of whether the officer chose to retire or stay on. It is envisaged that the
factors will be somewhere between the full factors and the
half factors in the Hong Kong Government's Limited
Compensation Scheme (LCS).
(e) Payment would be made over a period of 4 years in five instalments regardless of whether the officer opted to
interest retire or stay on. Five per cent (a year on reducing balances would be paid in either case.
(f) There will be a cap of £120,000 on payments set at
January 1992 levels.
(g) For those who stay on after 30 June 1997 both the Hong
Kong salary used to determine the compensation on the
appointed day and the cap would be increased in line with
ftrs.nte.ADM
SLM
No comments yet.
Private notes are available after approval.