DATE OF ISSUE:07 JUNE 1990
BRITISH RETIREMENT INCOME (BRI) - EFFECT UPON SERVICE PENSION OF VARIATIONS IN THE EXCHANGE RATE OF POUNDS STERLING
In line with the amendments to the Veteran's Entitlements Act Division 1AA concerning the regulating of Foreign Currency, a variation to pension rates is to be implemented.
Effective Date
2.On payday 12 July 1990 the current exchange rate will change from 1 Pound Sterling equals $A2.13 to 1 Pound Sterling equals $A2.18, being the average of the "on demand airmail buying rate" for the month of May 1990.
Timetable
3.The various computer runs necessary for this exercise have been scheduled for Thusday night, 21 June 1990.
Automatic Superannuation Processing
4.The programs for adjusting the exchange rate to be applied to BRI cases have been re-written to allow more flexibility and ease of use. Cases with actions in "IN" or "RI" status will not be processed.
5.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=$2.18=1.0235
old exchange rate$2.13
6.The amount in $A of income recorded as British Retirement Income super-type 08 or 09 will be multiplied by the conversion factor to give the new rate of super. Pension will then be reassessed accordingly.
Regulation 45A Procedures
7.The Assistant Secretary of both Benefits Planning and Management and Corporate Development Branches at Central Office will attest to the correctness of the new exchange rate and the programs used to conduct the exercise. Certificates in the terms of Finance Regulation 45A will be forwarded to the "Authorising Officer" in your Finance Branch.
Advices
8.The new pension payment computer advice letters containing the exchange rate will be automatically produced for all cases where a variation in pension occurs. The advices will be forwarded direct to your Branch from the NCC with the usual daily outputs.
Contact Officer
9.The contact officer at Central Office for this exercise will be
RIC MOORE telephone (06) 2896214 bh
(06) 2823913 ah
JIM DALTON
ASSISTANT SECRETARY
BENEFITS PLANNING & MANAGEMENT