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C28/2008 November 2008 Global Refresh of Shares and Managed Investments Letter Production and Mailout

Document

DATE OF ISSUE:  7 November 2008

November 2008 Global Refresh of Shares and Managed Investments Letter Production and Mailout

Purpose of Instruction

This Departmental Instruction is to provide you with information about the processing arrangements for the November 2008 Global Refresh of Shares (SHs) and Managed Investments (MIs) advice letter production and mailout.

John Sadeik

National Manager

Income Support

7 November 2008

Overview

Introduction

As a part of the Government Economic Security Strategy and in recognition of the general downturn in investment markets, the Department will undertake a global refresh of all shares and managed investments outside the usual quarterly reassessment routine.

The November 2008 Global Refresh will be processed on the weekend of 8th and 9th of November 2008 for the effective DVA payday 20th of November 2008.

For this Global Refresh the Department will be sending advice letters to those pensioners on less than the maximum rate of service pension, income support supplement or age pension who have SHs and/or MIs recorded in their assessment and following the reassessment they have a variation to their rate of SP/ISS/AP payment.

This Departmental Instruction provides information about the advice letter production and mailout for this processing exercise and advises of any significant issues relating to the mailout.

Significant Issues- of Share and Managed Investment Global Refresh Mail out

The November 2008 Global Refresh mailout will incorporate the following events for payday 20 November 2008.  Issues of significance with regard to this mailout are as follows:

  • Advice letters will only be produced for clients where the revaluation of their SHs and/or MIs results in a variation in the payment rate of the SP/ISS/AP (including those receiving DFISA);
  • A partial 'Income and Assets Attachment' will be generated. This attachment will not provide a complete listing of the clients SH and/or MIs, it will only provide details of those SHs and/or MIs that have been affected by the Global Refresh.
  • A letter will be produced for clients who have SHs and/or MIs recorded in their assessment and whose payment of Rent Assistance (RA) has varied as a result of the reassessment - this includes clients whose income support pension is paid at the nil rate or their income support pension has not been varied; and
  • If a treatment change occurs as a result of the reassessment a letter will be produced.

Letter Content – November 2008 Global Refresh of SHs and/or MIs Mail out

Advice Letter Target Audience – November Global Refresh of SHs and/or MIs

A letter will be produced for the following clients following the November Global Refresh of SHs and/or MIs processing:

  • All less than maximum rate service pensioners (SP), income support supplement recipients (ISS) and age pensioners (AP) including those in receipt of DFISA, who have SHs and/or MIs recorded in their assessment and the amount of income support payment results in a variation following the processing;
  • Maximum rate SP/ISS/AP recipients who have SHs and/or MIs in their assessment who move to less than the maximum rate as a result of the reassessment;
  • Less than maximum rate SP/ISS/AP recipients who have SHs and/or MIs in their assessment and who move to the maximum rate as a result of the reassessment;
  • SP/ISS/AP recipients who have SHs and/or MIs in their assessment and are reduced to nil as a result of the reassessment; and
  • Treatment changes as a result of the global refresh of SHs and/or MIs reassessment.

Defence Force Income Support Allowance  (DFISA)

All DVA Age Pensioner clients with or without DFISA in payment, who are paid at less than the maximum rate of pension and, who have SHs and/or MIs in their assessment will receive an advice letter.

An example of the advice letter to clients with SHs and/or MIs and in payment of DFISA is shown at ATTACHMENT 4A.

Introductory Paragraphs for SP/ISS/AP Client's Advices

AP clients in receipt of DFISA will have 'multiple outcome' paragraphs printing as part of their introductory paragraphs - advising them of a variation to their AP payment and DFISA payment.

All AP/SP/ISS client letters will have either the single or multiple outcome introductory paragraphs printing, advising them of the outcome of their payments, as follows:

Multiple Outcome Paragraphs:

This is to advise you that your:

  • Age pension has been increased/reduced/reduced to nil.
  • Defence Force Income Support Supplement (DFISA) has varied.
  • Rent assistance has been reduced.

This change will take effect from 4 November 2008.

Single Outcome Paragraph:

This is to advise you that your service pension has been increased/reduced.  This change will take effect from 4 November 2008.

Financial Assets Reassess - ment

The asset value of MI and/or SH data will be reassessed as part of this process.  Clients with MI and/or SH data recorded in their assessment will receive a paragraph advising them of the ...Change to Value of Shares and/or Managed Investments....

This paragraph advises clients about the reassessment program and explains that... 'As part of the Government's Economic Security Strategy and in recognition of the general downturn in investment markets, the asset value of your shares which are listed on the Australian Stock Exchange and/or unit based managed investments has been reassessed.  The adjusted value of these investments has been used to work out your SP/ISS/AP payment and has resulted in an overall reduction/increase/reduction to nil  in the amount of SP/ISS/AP paid to you.  The value of other income and assets you may have has not been affected by this reassessment.'

Partial Income & Assets Attachment.

All less than maximum rate income support recipients with SHs and/or MIs recorded in their assessment will receive a Partial Income and Assets Attachment listing only the SHs and/or MIs which have been revalued by the exercise.

It is important to note that any SHs and /or MIs not revalued by the exercise will not appear in the list.

The text of the attachment has been altered to indicate that only SHs and/or MIs which have been revalued appear in the attachment:

The following is a list of those details which have recently been changed by the Department.  This is not a complete listing of your financial assets - only those financial assets that have been automatically revalued are listed below.  If any of this information is incorrect you should notify the Department within 14 days (28 days if you are living overseas).

Full Income & Assets Attachment

We will not be providing clients with a listing of their Full Income and Assets.

Continuation Cases

Continuation cases will not  be sent an advice.

Obligations

Full and Partial Obligations will be suppressed for all letters produced.

The Financial Obligations paragraph, including the Prescribed Rates, will be present in the advices for all clients - excluding SP/ISS/AP who are reduced to nil.

Age pensioners who are reduced to nil, but eligible for payment of DFISA will receive the Financial Obligations paragraph including their prescribed rates.

Right of Review

A right of review paragraph will be present in all letters.

Treatment Advices to be Checked

For the November 2008 Global Refresh the Enclosure (treatment) advice letters will be printed at the nominated printer at each location.

It is suggested that these letters be checked for accuracy, and reconciled against the reports received in each location to ensure they reflect the correct treatment paragraphs.

Cases in Investigation Stage

The Global Refresh run will not update any assessment where a frozen action assessment exists and any such cases will be listed for subsequent manual processing by State location staff.  The worksheets of all clients who have shares or managed investments must have their worksheets deleted by close of business on Friday 07/11/08.  This includes new claims.

Tasmanian Clients with Overseas Postal Address

Advice letters for Tasmanian Office clients with an overseas postal address will have their advices printed and posted from the Mailing House.

Blind Clients will not receive an advice

Blind clients will not receive an advice.  Where a member of a couple is assessed as 'blind' - a single advice will only be produced for the non-blind member who may be affected by the processing.

An exception to this rule is where a Blind client with MIs and/or SHs in their assessment is also in payment of rent assistance (RA), which is subject to the income and assets tests and as such, may result in a variation to their RA payment.  Where there is a variation to the RA payment for these clients, an advice will be produced.

Single & Joint Addressed Letters

All service pension and income support supplement recipient couples will receive a joint advice, provided the pensioner addresses are identical, this includes illness separated couples.  The batch address defaults determining single and joint advices have been aligned with the PIPS PC daily advice defaults.   Where both members of a couple have the same postal address recorded - a joint advice will be produced.

Important to note: Staff are reminded when granting Age Pension or for those clients in a joint assessment who request separate or single advices, they need to update this information using the mainframe PRODIMS - Client Correspondence Client Options (CO.CO) Screen - prior to the batch processing run to initiate the client request.  The advice default requests set in CO.CO will override the DOCGEN and PIPS advice rules

Age pensioner couples will receive separate letters - providing the advice default request has been set in CO.CO.

Production of Advice Letters

Global Refresh  Processing

The Global Refresh Processing is scheduled to run on the weekend of 8 and 9 November 2008.

Critical Dates

Processing Weekend within DVA (includes 'advices' processing)

8 and 9 of November 2008

Transmission of Production Data to Mailing House

Monday, 10 November 2008

Mailing House to commence printing Advice Letters

Tuesday, 11 November 2008

Mailing House to commence National lodgement of all Advice Letters at the completion of processing – lodgement of letters with Australia Post can commence from:

Wednesday, 12 November 2008

Mailing House to complete National Lodgement of all Advice Letters with Australia Post By:

COB Friday, 14 November 2008

Printing of Letters

SALMAT – Businessforce located in Mulgrave, Victoria, will print, fold and insert advice letters from Tuesday, 11 November 2008 through until Friday, 14 November 2008.

Lodgement of Advice Letters with Australia Post

Once the advice letters have been processed for all States they will be lodged as a national lodgement with Australia Post, from Wednesday, 12 November 2008 with the deadline for all letters to be lodged with Australia Post by COB Friday, 14 November 2008. A representative from the Systems, Cards and Advices Team will notify and confirm all lodgement details.

The Contact Officers for this exercise will be given progress reports and advised of any changes to this timetable.

Issues Requiring Staff Action

Enclosure (Treatment Changes) Advice Letters

Enclosure (treatment changes) advice letters will be printed at each location and should be available on your printer on Monday morning, 10 November 2008.

We request that these letters be checked for accuracy prior to sending to clients, and are reconciled against the reports received.

ZIP Files of Advice Schedule Reports

A Zip File listing details of all clients who receive an advice will be emailed to the Income Support System Support Officers in NSW and QLD during the week following the processing run.

Reduction to Nil Letters

As is the procedure for any Reduction to Nil advice letters – they will print at the nominated printer in each location.  Staff are required to include a Commonwealth Seniors Health Card (CSHC) claim form, a CSHC fact sheet and an envelope for clients to return the completed form in.

MOA 15 or MOA 16 Cases - An advice to be produced

Clients who have SHs and/or MIs in their assessment and are paid War Widows Pension and Rent Assistance (RA) but whose income support supplement or service pension is paid at the nil rate will receive an advice letter advising them if their RA has varied following the Global Refresh.

Reprints of Advices Available using VIEW – Advices Tab

Reprints of individual advice letters produced from the Global Refresh processing can be requested via VIEW - Advices Tab reprint facility.  The advices can be requested through the daily advices facility. Staff will be able to request a reprint immediately after the refresh on Monday 10 November 2008.

Holding of daily advice letters

Daily payment advice letters produced after the processing run on the weekend of  8 – 9 November 2008, should be held pending notification that the November 2008 Global Refresh letters have been dispatched.  This will ensure that pensioners receive their advice letters in chronological order.

Manual Advices Required – for PA only back onto payment of Service Pension

Following the Global Refresh processing there may be some instances where clients have gone from payment of Pharmaceutical Allowance (PA) (MOA 99 cases) only, onto payment of Service Pension.

Following PIPS processing of these cases a 'new grant' advice with fringe benefits paragraphs and other related new grant information is produced.  A new grant advice does not convey the appropriate wording for this situation, and as such the PIPs advice should be suppressed and a manual advice produced.

Income Support Contact Officers

Income Support  Contact Officers

NSW, SA, WA & TAS:Peter Rajaratnam– ext 27106

QLD& VIC: Steve Jensen – ext 48835

ACT Location Contacts

Feedback from Staff

Any concerns regarding letters produced as part of this run should be directed to Anissa Lam.   Please forward your feedback on this exercise to Anissa Lam, noting the nature of the query together with any relevant information – every effort will be made to develop solutions to address any concerns raised.  Please ensure that problems are reported as early as possible.

Contact Details

Any queries regarding this mail out should be referred to:

Annisa Lam

ext 27169 (Phone)

(02) 9213 7889 (Fax)

anissa.lam@dva.gov.au (email)

Mockups of Letters to be Produced

Letter Content

Details of the content of the letters, including sample letters and sequencing of paragraphs are included in Attachment A.

Attachment A – Paragraph sequencing and Advice Letter Examples:

Example 1A: SP Increase – Either from Less than Maximum rate to Less than Maximum rate or increase from Less than Maximum rate to Max rate amount.

Example 2A: SP and RA Reduction to Nil.

Example 3A: SP Overall Reduction.

Example 4A: Age Pensioner Increase, DFISA varied,

Please note, in the following samples:

  • Letterhead, DC name and signature block will change according to State;
  • The words “service pension”, “age pension”, “income support supplement” each represent variables which will appear for those clients in receipt of the applicable pension; and
  • State specific 'closing' paragraphs with the preferred contact telephone number for Income Support related issues will be used for this mailout.


ATTACHMENT A

EXAMPLE 1A:

  • OVERALL INCREASE – EITHER FROM LESS THAN MAXIMUM RATE TO LESS THAN MAXIMUM RATE OR INCREASE FROM LESS THAN MAXIMUM RATE TO MAX RATE AMOUNT
  • SINGLE OUTCOME
  • MIs/SHs IN ASSESSMENT
  • SERVICE PENSIONERS
  • MARRIED ASSESSMENT
  • INCOME TESTED

GPO Box 651, Brisbane  QLD  4001

Contact:              Brisbane Office

Telephone: Bank of Queensland Centre

              259 Queen Street

              Brisbane Qld 4000

1!!11 IIIll l 111 1I!! (Barcode?)              Postal Address:

JOHN SMITH              GPO Box 651 Brisbane Qld 4001

MARY SMITH

29 MARGARET STREET              Telephone:

IPSWICH   QLD   4010              Capital city callers: 133 254

              Non-Capital city callers: 1800 555 254

              Facsimile: (07) 3223 8479

              9 November 2008

              YOUR FILE NUMBER IS QX123456

Dear Mr and Mrs SMITH,

This is to advise you that your service pension has been increased.  This change will take effect from 4 November 2008.

Change to Value of Shares and/or Managed Investments

As part of the Government's Economic Security Strategy and in recognition of the general downturn in investment markets, the asset value of your shares which are listed on the Australian Stock Exchange and/or unit based managed investments has been reassessed.  The adjusted value of these investments has been used to work out your service pension payment and has resulted in an increase to the amount of service pension paid to you.  The value of other income and assets you may have has not been affected by this reassessment.

Payment Information

Details of your payments are provided in the Payment Information Attachment.

Reassessed Financial Assets

The financial assets listed in the Income and Assets Attachment have been varied by automatic reassessment.  This has resulted in a change to the income/asset amounts used to calculate your rate of service pension.

Financial Obligations

You need to tell us within 14 days (28 days if you are living overseas or receive remote area allowance) if your combined gross income from all sources is more than $XXXX.XX per fortnight or the value of your combined assets, apart from your home, is more than $XXXXXX.XX.

Your Right of Review

If you do not agree with this variation to your pension, you may apply to have it reviewed by a Review Officer at this office.  If you do decide to apply, you must do so within three months of being advised of this decision.  Such a request for review must be in writing, and must set out your reasons for seeking this review.

If you have any questions regarding the above matters please contact this office at the address or telephone number shown at the top of this letter.

Yours sincerely,

ALISON STANLEY

Deputy Commissioner

As Delegate of the Secretary and Repatriation Commission


PAYMENT INFORMATION ATTACHMENT

The Department calculates pension payments on a daily basis.  This means that your fortnightly pension payment is made up of 14 days of entitlement of pension.  Therefore, when there is a change to your circumstances on any particular day in the fortnight - your pension will be adjusted from that day.  For that reason your pension payment may be different for one or two paydays after a reassessment.

Payment for 20 November 2008VeteranPartner

TOTAL FORTNIGHTLY PAYMENTxxx.xxxxx.xx

This is made up of:

- xxxxxxxxx xxxxxxxxxxxxxxx.xxxxx.xx

- xxxxxxxxxxx xxxxxxxxxxxx    x.xx    x.xx


INCOME AND ASSETS ATTACHMENT

(Information current as at 9 November 2008)

The following is a list of those details which have recently been changed by the Department.  This is not a complete listing of your financial assets – only those financial assets that have been automatically revalued are listed below.  If any of this information is incorrect you should notify the Department within 14 days (28 days if you are living overseas).

Please note that failure to fulfil this obligation may lead to your service pension being overpaid.  Such overpayments are recoverable.

Listed Securities and Unlisted Public Securities

Description

No. of Shares

Asset Amount

XXXXXX

X,XXX

$XX,XXX.XX

QQQQQQQQQQQQQ

XXX

$    X,XXX.XX

Managed Investments

Description

Units

Asset Amount

VVVVVVVVVV

XX

$XX.XX

CCCCCCCCCCCCC

XXX

$XX.XX

Total of Income and Assets

The total of your fortnightly income in your assessment is $xxx.xx.  The total of all your assets in your assessment is $xxx,xxx.xx


EXAMPLE 2A:

  • SERVICE PENSION - REDUCTION TO NIL
  • MIs/SHs IN ASSESSMENT
  • SINGLE ASSESSMENT

GPO Box 651, Brisbane  QLD  4001

Contact:              Brisbane Office

Telephone: Bank of Queensland Centre

              259 Queen Street

              Brisbane Qld 4000

1!!11 IIIll l 111 1I!! (Barcode?)              Postal Address:

WILLIAM TELL              GPO Box 651 Brisbane Qld 4001

29 MARGARET STREET

IPSWICH   QLD   4010              Telephone:

              Capital city callers: 133 254

              Non-Capital city callers: 1800 555 254

              Facsimile: (07) 3223 8479

              9 November 2008

              YOUR FILE NUMBER IS QX333444

Dear Mr TELL,

This is to advise you that your:

  • service pension has been reduced to nil.
  • rent assistance has been cancelled.

This change will take effect from 4 November 2008.

Change to Value of Shares and/or Managed Investments

As part of the Government's Economic Security Strategy and in recognition of the general downturn in investment markets, the asset value of your shares which are listed on the Australian Stock Exchange and/or unit based managed investments has been reassessed.  The adjusted value of these investments has resulted in your service pension being reduced to nil.  The value of other income and assets you may have has not been affected by this reassessment.

Payment Information

Details of your payments are provided in the Payment Information Attachment.

Reassessed Financial Assets

The financial assets listed in the Income and Assets Attachment have been varied by automatic reassessment.  This has resulted in a change to the income/asset amounts used to calculate your rate of service pension.

Pensioner Concession Card

As your service pension is no longer payable, you no longer qualify for fringe benefits from this Department.  Please destroy your existing Pensioner Concession Card as it is illegal for this card to be used after cancellation and use can be checked by electronic validation by some concession providers.

Commonwealth Seniors Health Card

Since you no longer qualify for fringe benefits for a Pensioner Concession Card, you may be eligible for a Commonwealth Seniors Health Card (CSHC) providing you are of pension age.  A CSHC claim form and fact sheet are enclosed for your information.  If you do not already have a CSHC from Centrelink and would like to claim a CSHC from the Department of Veterans' Affairs, please return your claim form in the envelope provided.

Your Right to Re-Apply

You may re-apply to have your service pension restored at any time if your income and/or assets fall below the limits that would allow for payment of the pension.

Your Right of Review

If you do not agree with this variation to your pension, you may apply to have it reviewed by a Review Officer at this office.  If you do decide to apply, you must do so within three months of being advised of this decision.  Such a request for review must be in writing, and must set out your reasons for seeking this review.

If you have any questions regarding the above matters please contact this office at the address or telephone number shown at the top of this letter.

Yours sincerely,

ALISON STANLEY

Deputy Commissioner

As Delegate of the Secretary and Repatriation Commission


PAYMENT INFORMATION ATTACHMENT

The Department calculates pension payments on a daily basis.  This means that your fortnightly pension payment is made up of 14 days of entitlement of pension.  Therefore, when there is a change to your circumstances on any particular day in the fortnight - your pension will be adjusted from that day.  For that reason your pension payment may be different for one or two paydays after a reassessment.

Payment for 20 November 2008VeteranPartner

TOTAL FORTNIGHTLY PAYMENTxxx.xxxxx.xx

This is made up of:

- xxxxxxxxx xxxxxxxxxxxxxxx.xxxxx.xx

- xxxxxxxxxxx xxxxxxxxxxxx    x.xx    x.xx


INCOME AND ASSETS ATTACHMENT

(Information current as at 9 November 2008)

The following is a list of those details which have recently been changed by the Department.  This is not a complete listing of your financial assets – only those financial assets that have been automatically revalued are listed below.  If any of this information is incorrect you should notify the Department within 14 days (28 days if you are living overseas).

Please note that failure to fulfil this obligation may lead to your service pension being overpaid.  Such overpayments are recoverable.

Listed Securities and Unlisted Public Securities

Description

No. of Shares

Asset Amount

XXXXXX

X,XXX

$XX,XXX.XX

QQQQQQQQQQQQQ

XXX

$    X,XXX.XX

Managed Investments

Description

Units

Asset Amount

VVVVVVVVVV

XX

$XX.XX

CCCCCCCCCCCCC

XXX

$XX.XX

Total of Income and Assets

The total of your fortnightly income in your assessment is $xxx.xx.  The total of all your assets in your assessment is $xxx,xxx.xx


EXAMPLE 3A:

  • OVERALL REDUCTION
  • SINGLE OUTCOME
  • MIs/SHs IN ASSESSMENT
  • SERVICE PENSIONERS
  • MARRIED ASSESSMENT
  • INCOME TESTED
  •  

GPO Box 651, Brisbane  QLD  4001

Contact:              Brisbane Office

Telephone: Bank of Queensland Centre

              259 Queen Street

              Brisbane Qld 4000

1!!11 IIIll l 111 1I!! (Barcode?)              Postal Address:

JOHN SMITH              GPO Box 651 Brisbane Qld 4001

MARY SMITH

29 MARGARET STREET              Telephone:

IPSWICH   QLD   4010              Capital city callers: 133 254

              Non-Capital city callers: 1800 555 254

              Facsimile: (07) 3223 8479

              9 November 2008

              YOUR FILE NUMBER IS QX123456

Dear Mr and Mrs SMITH,

This is to advise you that your service pension has been reduced.  This change will take effect from 4 November 2008.

Change to Value of Shares and/or Managed Investments

As part of the Government's Economic Security Strategy and in recognition of the general downturn in investment markets, the asset value of your shares which are listed on the Australian Stock Exchange and/or unit based managed investments has been reassessed.  The adjusted value of these investments has been used to work out your service pension payment and has resulted in an overall reduction in the amount of service pension paid to you.  The value of other income and assets you may have has not been affected by this reassessment.

Payment Information

Details of your payments are provided in the Payment Information Attachment.

Reassessed Financial Assets

The financial assets listed in the Income and Assets Attachment have been varied by automatic reassessment.  This has resulted in a change to the income/asset amounts used to calculate your rate of service pension.

Financial Obligations

You need to tell us within 14 days (28 days if you are living overseas or receive remote area allowance) if your combined gross income from all sources is more than $XXXX.XX per fortnight or the value of your combined assets, apart from your home, is more than $XXXXXX.XX.

Your Right of Review

If you do not agree with this variation to your pension, you may apply to have it reviewed by a Review Officer at this office.  If you do decide to apply, you must do so within three months of being advised of this decision.  Such a request for review must be in writing, and must set out your reasons for seeking this review.

If you have any questions regarding the above matters please contact this office at the address or telephone number shown at the top of this letter.

Yours sincerely,

ALISON STANLEY

Deputy Commissioner

As Delegate of the Secretary and Repatriation Commission


PAYMENT INFORMATION ATTACHMENT

The Department calculates pension payments on a daily basis.  This means that your fortnightly pension payment is made up of 14 days of entitlement of pension.  Therefore, when there is a change to your circumstances on any particular day in the fortnight - your pension will be adjusted from that day.  For that reason your pension payment may be different for one or two paydays after a reassessment.

Payment for 20 November 2008VeteranPartner

TOTAL FORTNIGHTLY PAYMENTxxx.xxxxx.xx

This is made up of:

- xxxxxxxxx xxxxxxxxxxxxxxx.xxxxx.xx

- xxxxxxxxxxx xxxxxxxxxxxx    x.xx    x.xx


INCOME AND ASSETS ATTACHMENT

(Information current as at 9 November 2008)

The following is a list of those details which have recently been changed by the Department.  This is not a complete listing of your financial assets – only those financial assets that have been automatically revalued are listed below.  If any of this information is incorrect you should notify the Department within 14 days (28 days if you are living overseas).

Please note that failure to fulfil this obligation may lead to your service pension being overpaid.  Such overpayments are recoverable.

Listed Securities and Unlisted Public Securities

Description

No. of Shares

Asset Amount

XXXXXX

X,XXX

$XX,XXX.XX

QQQQQQQQQQQQQ

XXX

$    X,XXX.XX

Managed Investments

Description

Units

Asset Amount

VVVVVVVVVV

XX

$XX.XX

CCCCCCCCCCCCC

XXX

$XX.XX

Total of Income and Assets

The total of your fortnightly income in your assessment is $xxx.xx.  The total of all your assets in your assessment is $xxx,xxx.xx


DFISA LETTERS

EXAMPLE 4A:

  • AGE PENSION INCREASE (Less than Max Rate to Less than Max Rate or to Max Rate)
  • INCOME TESTED
  • MULTIPLE OUTCOMES
  • DFISA VARIATION

GPO Box 651, Brisbane  QLD  4001

Contact:              Brisbane Office

Telephone: Bank of Queensland Centre

              259 Queen Street

              Brisbane Qld 4000

1!!11 IIIll l 111 1I!! (Barcode?)              Postal Address:

PHILLIP JOHNSTON              GPO Box 651 Brisbane Qld 4001

30 ELIZABETH STREET

TOOWOOMBA   QLD 4045              Telephone:

IPSWICH   QLD   4010              Capital city callers: 133 254

                Non-Capital city callers: 1800 555 254

              Facsimile: (07) 3223 8479

              9 November 2008

YOUR FILE NUMBER IS QX123456

Dear Mr JOHNSTON,

This is to advise you that your:

  • Age pension has been increased.
  • Defence Force Income Support Allowance (DFISA) has varied.

This change will take effect from 4 November 2008.

Change to Value of Shares and/or Managed Investments

As part of the Government's Economic Security Strategy and in recognition of the general downturn in investment markets, the asset value of your shares which are listed on the Australian Stock Exchange and/or unit based managed investments has been reassessed.  The adjusted value of these investments has resulted in your age pension being reduced to nil.  The value of other income and assets you may have has not been affected by this reassessment.

Payment Information

Details of your payments are provided in the Payment Information Attachment.

Reassessed Financial Assets

The financial assets listed in the Income and Assets Attachment have been varied by automatic reassessment.  This has resulted in a change to the income/asset amounts used to calculate your rate of service pension.

Financial Obligations

You need to tell us within 14 days (28 days if you are living overseas) if your combined gross income from all sources is more than $XXXX.XX per fortnight or the value of your combined assets, apart from your home, is more than $XXXXXX.XX.

Your Right of Review

If you do not agree with this decision, you can contact your nearest Veterans' Affairs office and discuss the reasons for the decision.  If you remain dissatisfied, you may apply to have the decision reviewed by an Authorised Review Officer, with no prior involvement in the case.  If you decide to apply for a review more than 13 weeks from the day this notice is given to you, arrears can only be paid from the date we receive your application.  Requests for review may be made in person, by telephone or writing.

The rate of DFISA paid to you is derived from your age pension assessment.  You may seek to have your age pension assessment reviewed if you are dissatisfied with your DFISA rate.

If you have any questions regarding the above matters please contact this office at the address or telephone number shown at the top of this letter.

Yours sincerely,

ALISON STANLEY

Deputy Commissioner

As Delegate of the Secretary


PAYMENT INFORMATION ATTACHMENT

The Department calculates pension payments on a daily basis.  This means that your fortnightly pension payment is made up of 14 days of entitlement of pension.  Therefore, when there is a change to your circumstances on any particular day in the fortnight - your pension will be adjusted from that day.  For that reason your pension payment may be different for one or two paydays after a reassessment.

Payment for 20 November 2008

TOTAL FORTNIGHTLY PAYMENTxxx.xx

This is made up of:

- xxxxxxxxx xxxxxxxxxxxxxxx.xx              xxxxxxxxxxx xxxxxxxxxxxx                  x.xx


INCOME AND ASSETS ATTACHMENT

(Information current as at 9 November 2008)

The following is a list of those details which have recently been changed by the Department.  This is not a complete listing of your financial assets – only those financial assets that have been automatically revalued are listed below.  If any of this information is incorrect you should notify the Department within 14 days (28 days if you are living overseas).

Please note that failure to fulfil this obligation may lead to your age pension being overpaid.  Such overpayments are recoverable.

Listed Securities and Unlisted Public Securities

Description

No. of Shares

Asset Amount

XXXXXX

X,XXX

$XX,XXX.XX

QQQQQQQQQQQQQ

XXX

$    X,XXX.XX

Managed Investments

Description

Units

Asset Amount

VVVVVVVVVV

XX

$XX.XX

CCCCCCCCCCCCC

XXX

$XX.XX

Total of Income and Assets

The total of your fortnightly income in your assessment is $xxx.xx.  The total of all your assets in your assessment is $xxx,xxx.xx