Hong Kong Regulations

CIVIL SERVICE PENSION RESERVE FUND - PARAGRAPH

Resolution made and passed by the Legislative Council under section 29 of the
Public Finance Ordinance ( Cap 2) on 25 January 1995.

RESOLVED that-

   (a)  there shall be established a fund to be called the Civil Service
        Pension Reserve Fund;

   (b)  the Fund shall be administered by the Financial Secretary who may
        delegate his power of administration to other public officers;

   (c)  there shall be credited to the Fund-

        (i)    such moneys as may be appropriated for the purpose; and

        (ii)   all sums received by way of interest or dividend on moneys
               invested under paragraph (f);

   (d)  the Financial Secretary may expend moneys from the Fund for the
        purpose of meeting the liabilities for payment of pensions, gratuities
        or other allowances under the Pensions Ordinance ( Cap 89), the
        Pension  Benefits Ordinance ( Cap 99) or the
        Pension Benefits (Judicial Officers)  Ordinance ( Cap 401) if, at the
        end of any month in a financial year, he believes that the balance in
        the General Revenue Account will be in deficit at the end of that
        financial year, having taken into account all anticipated receipts and
        payments;

   (e)  the Director of Accounting Services shall, under the authority of a
        funds warrant issued by the Financial Secretary, pay from the Fund
        such sums as may be required to meet expenditures from the Fund;

   (f)  the Financial Secretary in his discretion may authorize the investment
        in such manner as he may determine of any moneys held in the Fund at
        any time. (Enacted 1995)