B10/1992 MANAGED INVESTMENTS - 9 APRIL 1992 INITIAL GLOBAL AUTOMATIC DATA REFRESH RUN

DATE OF ISSUE:  13 March 1992

MANAGED INVESTMENTS - 9 APRIL 1992 INITIAL GLOBAL AUTOMATIC DATA REFRESH RUN

The purpose of this instruction is to outline the arrangements related to the implementation of the initial global automated data refresh and processing run for managed investments for 1991/92.

Function of the global run

2.The global Managed Investment System (MINVS) run will be performed in addition to the now routine fortnightly MINVS runs. Unlike the fortnightly run however, the global run will be for all clients who hold managed investments in order to align details assessed for those investments with the data contained on the Managed Investment Database. Auto reassessments made will reflect changes which have occurred to the percentage rate of return, unit price or cents per unit. The run is also programmed to verify other MI data which, if missing or altered, will generate a manual case.

Manual cases

3.As for the fortnightly MINVS runs, a certain number of manual cases will be produced, though these are expected to be a small quantity. For a global run, these cases will include the types of manual cases generated by the fortnightly run. Some additional categories will also be produced due to the investment having a product code of "S" (special), the occurrence of a product type code change or due to incorrect or missing data.

Schedule for initial global managed investment run

4.The initial global run for the MINVS for 1991/92 is scheduled to run on 9 April 1992 for pay-day 30 April 1992. The manual processing cut-off date for this run has been set at COB 21 April ie., 8 working days after run initiation.

Processing of manual cases

5.The majority of manual cases and their treatment will be familiar due to their presence in fortnightly MINVS runs. Note that Attachment 1 to DI B42/91 may be used as a guide to how to process these cases and to the application of effective dates. However, treatment of cases generated for product code "S" cases and product code change cases should be verified with the relevant Branch Office Investment Policy Officer (IPO).

Monitoring of processing for initial global managed investment run

6.It is expected that the fortnightly MINVS runs completed prior to the initial global MI run will have reduced the pool of cases likely to be selected as manuals for the global run. However, due to the possibility of increased workloads resulting from other automated programs to be run during February/March 1992, it will be necessary for all States to carefully monitor the rate at which the manual cases generated as a result of the first run are processed and finalised. This information should be passed on to Martin Dibb (Income Support, Central Office) within the first five processing days of the run to allow an assessment as to whether the cut-off date should be altered and/or the scheduling of the 23 April fortnightly MINVS run altered.

Despatch of advice/obligations statements

7.Please note that, due to the quantity of correspondence involved, the advice/obligations statements for automatically reassessed cases will be printed at the NCC but despatched to the relevant pensioners by a mailing house and not by Branch Offices as for the fortnightly MINVS runs.

Schedule for global managed investment runs subsequent to initial run

8.At this stage it has not been finalised as to how often global MINVS runs will take place. However, it is envisaged that they will be scheduled to run at least twice during a financial year.

Contact officer

9.The contact officer for further general enquiries is Martin Dibb, Income Support, telephone (06) 2896439. ADP related enquiries should be directed to Tracey Cunningham, Benefits ADP, telephone (06) 2896398

KAY GRIMSLEY

ASSISTANT SECRETARY

INCOME SUPPORT