B03/1994 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)

DATE OF ISSUE:  1 FEBRUARY 1994

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.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.  This should reduce the level of pensioner enquiries that followed the introduction of the super short BRI advices format.

EFFECTIVE DATE

3.On payday 17 February 1994 the current exchange rate will change from One Pound Sterling equals $2.1935 to One Pound Sterling equals $2.1240 being the average of the "on demand airmail buying rate" for the two weeks to 26 January 1994.  This is the same exchange rate as the Department of Social Security will be holding from 10 February 1994.

TIMETABLE

4.This exercise is scheduled for processing on Wednesday evening, 2 February 1994.

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 11 February 1994.

CONTACT OFFICER

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

Paul WoodTelephone:              (06) 289 6799 (Systems)

Pat WebbTelephone:              (06) 289 6444 (Policy).

KAY GRIMSLEY

ASSISTANT SECRETARY

BENEFITS INCOME SUPPORT

POUND STERLING EXCHANGE RATES

Foreign exchange periodExchange rate

£$

23 April 87 — to — 24 Feb 88 — 2.25

25 Feb 88 — to — 29 Jun 88 — 2.50

30 Jun 88 — to — 24 Aug 88 — 2.22

25 Aug 88 — to — 22 Feb 89 — 2.10

23 Feb 89 — to — 22 March 89 — 2.04

23 March 89 — to — 5 April 89 — 1.92

6 Apr 89 — to — 18 Oct 89 — 2.08

19 Oct 89 — to — 21 March 90 — 2.00

22 March 90 — to — 17 April 90 — 2.22

18 April 90 — to — 27 June 90 — 0.4513 — 2.2156

28 June 90 — to — 19 Sept. 90 — 0.4575 — 2.1858

20 Sept. 90 — to — 12 Dec. 90 — 0.4423 — 2.2608

13 Dec. 90 — to — 19 March 91 — 0.4165 — 2.4010

20 March 91 — to — 12 June 91 — 0.4069 — 2.4576

13 June 91 — to — 19 Sept. 91 — 0.4477 — 2.2336

20 Sept. 91 — to — 25 Dec. 91 — 0.4720 — 2.1186

26 Dec. 91 — to — 19 March 92 — 0.4643 — 2.1538

20 March 92 — to — 24 June 92 — 0.4159 — 2.4044

25 June 92 — to — 19 Sept. 92 — 0.4383 — 2.2815

20 Sept. 92 — to — 25 Nov. 92 — 0.3914 — 2.5549

26 Nov. 92 — to — 3 March 93 — 0.4485 — 2.2297

4 March 93 — to — 14 April 93 — 0.4707 — 2.1245

15 April 93 — to — 12 May 93 — 0.4910 — 2.0367

13 May 93 — to — 23 June 93 — 0.4693 — 2.1308

24 June 93 — to — 1 Sept. 93 — 0.4499 — 2.2227

2 Sept. 93 — to — 13 Oct. 93 — 0.4639 — 2.1556

14 Oct. 93 — to — 10 Nov. 93 — 0.4277 — 2.3381

11 Nov. 93 — to — 24 Nov. 93 — 0.4399 — 2.2732

25 Nov. 93 — to — 16 Feb 94 — 0.4559 — 2.1935

17 Feb 94 — to 0.4708 — 2.1240