DATE OF ISSUE: 19 NOVEMBER 1990
BRITISH RETIREMENT INCOME (BRI) EFFECT UPON SERVICE PENSION OF VARIATIONS IN THE EXCHANGE RATE OF POUNDS STERLING
Introduction
1.We recently issued Departmental Instruction B41/90 in which we advised the new notional exchange rate for British Retirement Income would be $2.4081 effective from payday 38 (13 December 1990). Processing of this exercise is scheduled for Thursday, 22 November 1990.
2.To bring our notional exchange rate in line with the Department of Social Security's rate, we have decided to change our rate to One Pound Sterling equals $A2.4010 being the "on demand airmail buying rate" for the month of October 1990.
Automatic Superannuation Processing
3.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=$2.4010=1.0617
old exchange rate=$2.2615
4.The amount in $A 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.
NOTE: Please refer to Departmental Instruction B41/90 for aNy other information required in relation to this processing.
Contact Officer
5.The contact officer at Central Office for this exercise will be GLENYS BULTERS telephone (06) 289 6019.
JIM DALTON
ASSISTANT SECRETARY
BENEFITS PLANNING & MANAGEMENT