Last amended: 25 November 2010
Exchange rate for British pensions
The exchange rate used to convert British pensions into Australian dollars is the 'on demand airmail buying rate' as supplied by the Commonwealth Bank. DVA monitors the exchange rates on a daily basis, but only adjusts the exchange rate if the average in any given fortnight varies by plus or minus 2.5% from the base exchange rate. The updated exchange rate is applied immediately to all British:
Guide to Advices: British Pension Batch Reassessment
- state pensions,
- official public service pensions,
- armed forces superannuation pensions,
- war pensions, and
- other income
Exchange rates for other overseas pensions
The exchange rates used to convert the gross rate of other overseas pensions into Australian dollars are the 'telegraphic transfer buying rates' as supplied by the Commonwealth Bank. For infrequently traded currencies not available from the Commonwealth Bank, DVA obtains an appropriate exchange rate from overseas currency sites on the internet.
When are exchange rates updated for other overseas pensions
Exchange rates are obtained every second Friday on the off pension pay week for all non-British overseas pensions and annuities. Updated exchange rates are only applied to assessments when any of the following occur:
- statutory increases in March and September each year (automatic bulk update),
- a person asks for a reassessment,
- a change is notified for any overseas pension, or
- a change is notified for any managed investment or share.