DATE OF ISSUE: 30 April 1993
EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)
INTRODUCTION
1.In line with the current administrative procedures for the determination of foreign exchange rates, the Department of Social Security has set a new rate for the Pound Sterling.
EFFECTIVE DATE
2.On payday 13 May 1993 the current exchange rate will change from One Pound Sterling equals $2.0367 to One Pound Sterling equals $2.1308 being the average of the "on demand airmail buying rate" for the two weeks to 21 April 1993. This is the same exchange rate as the Department of Social Security will be holding from 6 May 1993.
TIMETABLE
3.This exercise is scheduled for processing on Thursday night, 29 April 1993.
AUTOMATIC SUPERANNUATION PROCESSING
4.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 = $2.1308 = 1.0462
old exchange rate $2.0367
5.The amount in Australian Dollars of income recorded as British Retirement Income superannuation type 08 or 09 will be multiplied by the conversion factor to find the new rate of superannuation. The Pension amount will then be reassessed accordingly.
MANUAL CASES AND MS CASES
6.Cases with actions in SB or PY status will not be processed. These cases will be listed on the manual case listing for follow up action, and CMS/PIPS cases will be created automatically for Branch Office action.
REGULATION 45A PROCEDURES
7.The Assistant Secretary of both Benefits Planning and Management and IT Applications Branches in Central Office will attest to the correctness of the new exchange rate and the programs used to conduct the exercise. Certificates in the terms of Finance Regulation 45A will be forwarded to the Authorising Officer in your Finance Branch.
OUTPUT
8.The pensioner advice letters will contain the correct pension rates and the new notional exchange rate correct to four decimal places. The two BRI schedules which identify if a beneficiary received a long or short advice will be forwarded direct to your Branch from the NCC with the usual daily outputs.
NCC IMPLICATIONS
9.This exercise is scheduled for processing as ($PPBFORT) on Thursday,
29 April 1993. There may be some changes to Advices programs. ITA, Benefits Applications Section will advise you direct of any special requirements.
MAIL OUT OF ADVICES
10.R.L. Polk have been contracted to print and prepare the advices for progressive lodgement with Australia Post by Friday 7 May 1993. R L POLK will separate the overseas, special register and the few cases that change treatment entitlement for manual distribution by the Branch Offices.
CONTACT OFFICER
11.The Benefits contact officers for this exercise will be:
Murray Chynoweth telephone (06) 289 6799 (Business Hours)
mobile phone 018 487 489
Ric Mooretelephone (06) 289 4739 (Policy).
KAY GRIMSLEY
ASSISTANT SECRETARY
BENEFITS INCOME SUPPORT