B11/1991 BRITISH RETIREMENT INCOME (BRI) EFFECT UPON SERVICE PENSION OF VARIATIONS IN THE EXCHANGE RATE OF POUNDS STERLING

DATE OF ISSUE: 08 APRIL 1991

BRITISH RETIREMENT INCOME (BRI) EFFECT UPON SERVICE PENSION OF VARIATIONS IN THE EXCHANGE RATE OF POUNDS STERLING

CHANGE TO THE BRI EXCHANGE RATE

1.An error has been found in the conversion calculation of the exchange rate for British Retirement Income.  The correct exchange rate to take effect from 4 April 1991 will be One Pound Sterling equals $A2.4576.  This new rate supersedes the rate quoted in Departmental Instruction B09/91.

AUTOMATIC SUPERANNUATION PROCESSING

2.  The amount recorded as super type 08 or 09 will be varied by applying a conversion factor which is calculated as follows:

new exchange rate=$2.4576=1.0236

old exchange rate$2.4010

3.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 give the new rate of superannuation.  The Pension amount will then be reassessed accordingly.

GENERAL INFORMATION

4.Please refer to Departmental Instruction B09/91 for all other information concerning this exercise.

CONTACT OFFICER

5.The Benefits contact officers for this exercise will be

Glenys Bulters   telephone (06) 289 6019 (Business Hours)

Ken Stewart(06) 282 4794 (After Hours).

DON FAGET

ACTING ASSISTANT SECRETARY

BENEFITS PLANNING & MANAGEMENT