C19/2001 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON INCOME SUPPORT PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI) | Compensation and Support Reference Library, Departmental Instructions, 2001

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C19/2001 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON INCOME SUPPORT PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)

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DATE OF ISSUE:  29 OCTOBER 2001

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

Purpose of Instruction

The purpose of this Departmental Instruction is to provide information about the Pounds Sterling exchange rate variation exercise.

Introduction

Following the recent variation in foreign exchange rates, it is appropriate for DVA to apply a new exchange rate for income support pension assessment purposes.

New exchange rate A$2.7871

The exchange rate used to convert Pounds Sterling to Australian Dollars for income support assessment purposes has changed from one Pound = A$2.9155 to one Pound Sterling equals A$2.7871 (ie A$1 = ?0.3588).

This rate reflects the average of the “on demand airmail buying rate” for the two weeks to 26 October 2001.

Date of effect
30 October 2001

Effective from 30 October 2001 the current exchange rate will change.

On pension payday 15 November 2001 (pay period 10) pensioners will receive a full instalment at the new assessed rate.

Date of processing run

Processing to implement the new exchange rate is scheduled for the evening of Tuesday 30 October 2001.

Automatic
superannuation processing

The amount recorded as BRI non-indexed super type 08 or BRI indexed super type 09 will be varied by applying the exchange rate to the amount recorded, to find the new rate of superannuation.  The pension amount will then be reassessed accordingly.

Manual cases and MS cases

Cases with actions in frozen status will not be processed.  These cases will be listed on the manual listing for follow up action, and CMS/PIPS cases will be created automatically for State Office action.  Any cases processed through PIPS/PC should be reassessed from the beginning of the pension period for pension payday 15 November 2001 – ie 30 October 2001.

Advice letters

The advice letters for this exercise will be joint advices where both members of a couple are in receipt of BRI and their pension payment varies.  Age Pensioners will receive separate advices.

The letter will advise the new exchange rate, the amount of income and a payment box.  An advice will only be produced for cases where a variation in payment results.

IBM GSA implications

IBM GSA will be producing the cartridge and will forward it to Security Mailing in Sydney.

Overseas, Special Register and Enclosure Advices

Overseas, Special Register, Enclosure Advice letters (ie cases where a change to treatment entitlement occurs) and reduction to nil cases will be separated by IBM GSA and despatched to the State Office for manual distribution.  This arrangement is the same for daily advice letters.

Mail out of bulk advices

Security Mailing will print and prepare the advices for lodgement with Australia Post by 5 November 2001.

British DP case paid Rent Assistance

Income Support pensioners who are in receipt of Rent Assistance (RA) and who also receive British Disability Pension direct from Britain (not EATS and Composite cases) should have that Disability Pension converted to $A using the BRI exchange rate.  RA should be manually recalculated.  These cases can be extracted through AIS by each state.  If you have any problem please contact Nasreen Haque on the number below.

Note: If DP has already been assessed as income in determining Hardship cases it should not also be assessed as income for RA.

Contact officer

The Income Support Branch contact officer for the exercise will be:

Nasreen Haque           Telephone:   (02) 6289 1125

Roger Winzenberg
Branch Head
Income Support

29 October 2001


POUND STERLING EXCHANGE RATE

Foreign exchange periodExchange rate

29 Jan 98

to

25 Feb 98

0.3972

2.5176

26 Feb 98

to

6 May 98

0.4125

2.4366

7 May 98

to

15 July 98

0.3997

2.5019

16 July 98

to

12 August 98

0.3663

2.7300

13 August 98

to

9 Sept 98

0.3817

2.6199

10 Sept 98

to

21 October 98

0.3690

2.7100

22 October 98

to

4 Nov 98

0.3505

2.8531

5 Nov 98

to

2 Dec 98

0.3676

2.7203

3 Dec 98

to

27 January 99

0.3834

2.6082

28 January 99

to

10 Feb 99

0.3719

2.6889

11 Feb 99

to

19 May 99

0.3905

2.5608

20 May 99

to

28 July 99

0.4079

2.4516

New Date of Effect Rules

13 July 99

to

9 August 99

0.4271

2.3414

10 August 99

to

1 Nov 99

0.4105

2.4361

2 Nov 99

to

10 Jan 00

0.3952

2.5304

11 Jan 00

to

6 March 00

0.4069

2.4576

7 March 00

to

1 May 00

0.3927

2.5465

2 May 00

to

29 May 00

0.3807

2.6267

30 May 00

to

10 July 00

0.3907

2.5595

11 July 00

to

16 Oct 00

0.4022

2.4863

17 Oct 00

to

2 April 01

0.3737

2.6759

3 April 01

to

14 May 01

0.3550

2.8169

15 May 01

to

23 July 01

0.3674

2.7218

24 July 01

to

6 August 01

0.3803

2.6295

7 August 01

To

1 October 01

0.3701

2.7020

2 October 01

To

29 October 01

0.3430

2.9155

30 October 01

0.3588

2.7871