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Chief Secretary Carrie Lam Cheng Yuet-ngor has killed any hope for a universal pension. In a recent speech, she said such a scheme would cost HK$22.6 billion a year, raising questions of sustainability and equity, and much has already been done to support the old. She also said the cost was HK$2,395 billion over 50 years. That kind of projection is statistically irrelevant; the annual cost is the only one that matters.