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C33/1996 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONER IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)
DATE OF ISSUE: 29 APRIL 1996
EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONER IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)
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.
2.On payday 9 May 1996 the current exchange rate will change from one pound Sterling equals $1.9802 to one pound Sterling equals $1.9264 being the average of the "on demand airmail buying rate" for the two weeks to 12 April 1996. This is the same exchange rate as the Department of Social Security will be holding from 2 May 1996.
BRITISH DP CASES PAID RENT ASSISTANCE
3.Income Support 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.
4.This exercise is scheduled for processing on Wednesday evening, 24 April 1996.
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.
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 Income Support Branch Head, 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.
9.The NCC will be producing the cartridge and will forward it to the Lane Print Group Pty Ltd. Overseas, Special Register and cases that change treatment entitlement will be separated by the NCC and despatched to the State Offices for manual distribution.
MAIL OUT OF BULK ADVICES
10.Lane print Group will print and prepare the advices for progressive lodgement with Australia Post by Friday 3 May 1996.
11.The Compensation Division contact officers for this exercise will be:
Murray ChynowethTelephone:(06) 289 6799 (Mainframe Support Unit)
Danielle MoloneyTelephone:(06) 289 6682 (Policy & Mailout)