B14/1995 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI) | Compensation and Support Reference Library, Departmental Instructions, 1995

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B14/1995 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)

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DATE OF ISSUE:  1 MARCH 1995

EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)

INTRODUCTION

1.In line with the current administrative procedures for the determination of foreign exchange rates, the Secretary of the Department of Social Security has set a new rate for the Pound Sterling.

ADVICE LETTERS

2.As in the previous exercise, the advice letters for this exercise will contain a payment information line, advising pensioners of their fortnightly payment.  The payment will not be broken down as in a normal payment box, but will simply advise of the dollar amount of payment.  Where a joint advice is produced, both veteran and partner will each have a payment information line.  An advice will only be produced for cases where a variation in payment results.

EFFECTIVE DATE

3.On payday 16 March 1995 the current exchange rate will change from One Pound Sterling equals $2.0416 to One Pound Sterling equals $2.0964 being the average of the "on demand airmail buying rate" for the two weeks to 22 February 1995.  This is the same exchange rate as the Department of Social Security will be holding from 9 March 1995.

TIMETABLE

4.This exercise is scheduled for processing on Tuesday evening, 28 February 1995.

AUTOMATIC SUPERANNUATION PROCESSING

5.The amount recorded as super type 08 or 09 will be varied by applying a conversion factor.  The amount in Australian Dollars of income recorded as British Retirement Income superannuation type 08 or 09 will be multiplied by the conversion factor to find the new rate of superannuation.  The pension amount will then be reassessed accordingly.

MANUAL CASES AND MS CASES

6.Cases with actions in SB or PY status will not be processed.  These cases will be listed on the manual case listing for follow up action, and CMS/PIPS cases will be created automatically for Branch Office action.

REGULATION 45A PROCEDURES

7.The Assistant Secretary of both Benefits Planning and Management and IT Applications Branches in Central Office will issue certificates in the terms of Finance Regulation 45A that will be forwarded to the Authorising Officer in your Finance Branch.

NCC IMPLICATIONS

8.The NCC will be printing the advices.  Overseas, Special Register and cases that change treatment entitlement will be separated by NCC and despatched to the Branch Offices for manual distribution.

MAIL OUT OF BULK ADVICES

9.R.L. Polk have been contracted to prepare the advices for progressive lodgement with Australia Post by 10 March 1995.

CONTACT OFFICER

10.The Benefits contact officers for this exercise will be:

Murray ChynowethTelephone:              (06) 289 6799 (Systems)

Ferri GhaziTelephone:              (06) 289 6436 (Policy).

DAVID MACKRELL

ASSISTANT SECRETARY

BENEFITS INCOME SUPPORT

22 February 1995

POUND STERLING EXCHANGE RATES

Foreign exchange periodExchange rate

?$

23 April 87to24 Feb 882.25

25 Feb 88to29 Jun 882.50

30 Jun 88to24 Aug 882.22

25 Aug 88to22 Feb 892.10

23 Feb 89to22 March 892.04

23 March 89to5 April 891.92

6 Apr 89to18 Oct 892.08

19 Oct 89to21 March 902.00

22 March 90to17 April 902.22

18 April 90to27 June 900.45132.2156

28 June 90to19 Sept. 900.45752.1858

20 Sept. 90to12 Dec. 900.44232.2608

13 Dec. 90to19 March 910.41652.4010

20 March 91to12 June 910.40692.4576

13 June 91to19 Sept. 910.44772.2336

20 Sept. 91to25 Dec. 910.47202.1186

26 Dec. 91to19 March 920.46432.1538

20 March 92to24 June 920.41592.4044

25 June 92to19 Sept. 920.43832.2815

20 Sept. 92to25 Nov. 920.39142.5549

26 Nov. 92to3 March 930.44852.2297

4 March 93to14 April 930.47072.1245

15 April 93to12 May 930.49102.0367

13 May 93to23 June 930.46932.1308

24 June 93to1 Sept. 930.44992.2227

2 Sept. 93to13 Oct. 930.46392.1556

14 Oct. 93to10 Nov. 930.42772.3381

11 Nov. 93to24 Nov. 930.43992.2732

25 Nov. 93to16 Feb 940.45592.1935

17 Feb 94to 16 March0.47082.1240

17 Mar 94 to3 August 940.49022.0400

4 August 94to23 Nov 940.47622.1000

24 Nov 94to7 Dec. 940.45762.1853

8 Dec. 94to21 Dec. 940.47232.1173

22 Dec. 94to15 March 950.48982.0416

16 March 95to0.47702.0964