B51/1995 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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B51/1995 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)

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DATE OF ISSUE: 30 AUGUST 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 and as a consequence DVA will apply the new rate.

EFFECTIVE DATE

2.On payday 14 September 1995 the current exchange rate will change from one pound Sterling equals $2.1853 to one pound Sterling equals $2.0947 being the average of the "on demand airmail buying rate" for the two weeks to 23 August 1995.  This is the same exchange rate as the Department of Social Security will be holding from 7 September 1995.

BRITISH DP CASES PAID RENT ASSISTANCE

3.Service pensioners who are in receipt of Rent Assistance and who also receive British Disability Pension direct from Britain (not EATS and Composite cases) should have that DP pension converted to $A using the BRI exchange rate.  The resulting reassessment of their SP could vary the RA paid.  A listing of affected cases can be obtained from the Mainframe Support Unit (MSU).  These cases have previously been assessed at the agreed UK DP exchange rate.  The use of that exchange rate is not appropriate.

TIMETABLE

4.This exercise is scheduled for processing on Tuesday evening, 29 August 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 State Office action.

ADVICE LETTERS

7.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.

REGULATION 45A PROCEDURES

8.The Assistant Secretary of Income Support Branch, Compensation Division, in National 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

9.The NCC will be producing the cartridge and will forward it to the Leigh-Mardon Pty Ltd.  Overseas, Special Register and cases that change treatment entitlement will be separated by Leigh-Mardon and despatched to the State Offices for manual distribution.

MAIL OUT OF BULK ADVICES

10.Leigh-Mardon will print and prepare the advices for progressive lodgement with Australia Post by Friday 8 September 1995.


CONTACT OFFICER

11.The Compensation Division contact officers for this exercise will be:

Murray ChynowethTelephone:(06) 289 6799 (Mainframe Support Unit)

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

Danielle MoloneyTelephone:(06) 289 6682 (Mailout)

PAUL MCBOW

DIRECTOR

COMMUNICATION, OPERATIONS & REVIEW SECTION

INCOME SUPPORT BRANCH


POUND STERLING EXCHANGE RATES

Foreign exchange periodExchange rate

?$

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 95to26 April 950.47702.0964

27 April 95to13 Sept. 950.45762.1853

14 Sept. 95to0.47742.0947