DATE OF ISSUE: 16 July 1993
MANAGED INVESTMENTS - 5 August 1993 GLOBAL AUTOMATIC REFRESH RUN
The purpose of this instruction is to outline the arrangements related to the global automated data refresh and processing run for managed investments for 5 August 1993.
Function of the global run
2.The global Managed Investment System (MINVS) run will be performed in addition to the 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.
4.The auto-update run will produce additional categories due to an investment having a product code recorded of "S" (special). In these cases staff should contact their local Investment Policy Officer (IPO) to obtain the applicable assessment rules. Manual action will be required to update these case types on the PP.MI screen, i.e. all data must be manually entered and the income and asset details manually calculated.
Schedule for initial global managed investment run
5.The global run for the MINVS is scheduled to run for pay-day 5 August 1993. All cases with recorded Managed Investments should be cleared of frozen status by 12.00 pm on 19 July 1993. The manual processing cut-off date for this run has been set at COB 30 July 1993 ie., 9 working days after run initiation.
Processing of manual cases
6.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 and DI B25/93 may be used as a guide on 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 IPO.
Dispatch of advice/obligations statements
7.Staff should 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. Pensioners are scheduled to receive advices by 5 August 1993.
Managed Investments Database
8.Information for updating Managed Investment rates of return are provided by automatic transfer through the Department of Social Security using information provided by the company 'ASSIRT'. In order to Centralise the handling of data transfer and associated issues, Joe Danaro of the Sydney Branch Office has been nominated as the Managed Investment Database Officer. Joe will be undertaking a variety of tasks associated with the running of automatically transferred ASSIRT/DSS Managed Investment updates and is available for the resolution of IPO referred pensioner queries.
Contact officer
9.The contact officers for further general enquiries are Tim Adams, Income Support, telephone (06) 289-6412 or Nigel Parmenter 289-6068. ADP related enquiries should be directed to Paul Wood Benefits SM&S, telephone (06) 289-6799. Joe Danaro can be contacted on (02) 213-7395, or by facsimile on (02) 281-2083.
KAY GRIMSLEY
ASSISTANT SECRETARY
INCOME SUPPORT