DATE OF ISSUE: 18 AUGUST 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 Secretary of the Department of Social Security has set a new rate for the Pound Sterling.
EFFECTIVE DATE
2.On payday 2 September 1993 the current exchange rate will change from One Pound Sterling equals $2.2227 to One Pound Sterling equals $2.1556 being the average of the "on demand airmail buying rate" for the two weeks to 11 August 1993. This is the same exchange rate as the Department of Social Security will be holding from 26 August 1993.
TIMETABLE
3.This exercise is scheduled for processing on Tuesday night, 17 August 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 = $2.1556 = 0.9698
old exchange rate $2.2227
5.The amount in Australian Dollars of income recorded as British Retirement Income superannuation type 08 or 09 will be multiplied by the conversion factor to find the new rate of superannuation. The pension amount will then be reassessed accordingly.
MANUAL CASES AND MS CASES
6.Cases with actions in SB or PY status will not be processed. These cases will be listed on the manual case listing for follow up action, and CMS/PIPS cases will be created automatically for Branch Office action.
REGULATION 45A PROCEDURES
7.The Assistant Secretary of both Benefits Planning and Management and IT Applications Branches in Central Office will attest to the correctness of the new exchange rate and the programs used to conduct the exercise. Certificates in the terms of Finance Regulation 45A will be forwarded to the Authorising Officer in your Finance Branch.
ADVICE LETTERS
8.The pensioner advice letters will contain the correct pension rates and the new notional exchange rate correct to four decimal places. The two BRI schedules which identify if a beneficiary received a long or short advice will be forwarded direct to your Branch from the NCC with the usual daily outputs.
OVERSEAS AND SPECIAL REGISTER ADVICES
9.NCC is to print and despatch to Branch Offices all advices for overseas and Special Register cases and the cases that change treatment entitlement for manual distribution by the Branch Offices.
10.The System Support Officer in your Branch will be contacted and given clearance to despatch these advices once their correctness has been established.
MAIL OUT OF BULK ADVICES
11. R.L. Polk have been contracted to print and prepare the advices for progressive lodgement with Australia Post by 27 August 1993.
NCC IMPLICATIONS
12.This exercise is scheduled for processing as ($PPBFORT) on Tuesday, 17 August 1993. There may be some changes to Advices programs. ITA, Benefits Applications Section will advise you direct of any special requirements.
CONTACT OFFICER
13.The Benefits contact officers for this exercise will be:
Paul Woodtelephone (06) 289 6799 (Business Hours)
mobile phone 018 487 489
Ric Mooretelephone (06) 289 4739 (Policy).
KAY GRIMSLEY
ASSISTANT SECRETARY
BENEFITS INCOME SUPPORT