DATE OF ISSUE: 28 SEPTEMBER 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 14 October 1993 the current exchange rate will change from One Pound Sterling equals $2.1556 to One Pound Sterling equals $2.3381 being the average of the "on demand airmail buying rate" for the two weeks to
22 September 1993. This is the same exchange rate as the Department of Social Security will be holding from 7 October 1993.
TIMETABLE
3.This exercise is scheduled for processing on Thursday night, 30 September 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 = $2.3381 = $1.0847
old exchange rate$2.1556
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.
9.The General Information Sheet (GIS) has been removed from the production of advices generated for this British Retirement Income (BRI) variation processing run. A copy of the pensioner advice to be generated is at Attachment A.
OVERSEAS AND SPECIAL REGISTER ADVICES
10.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.
11.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
12.R.L. Polk have been contracted to print and prepare the advices for progressive lodgement with Australia Post by 8 October 1993.
NCC IMPLICATIONS
13.This exercise is scheduled for processing as ($PPBFORT) on Monday,
27 September 1993. There may be some changes to Advices programs. ITA, Benefits Applications Section will advise you direct of any special requirements.
CONTACT OFFICER
14.The Benefits contact officers for this exercise will be:
Paul WoodTelephone: (06) 289 6799 (Business)
Mobile phone: 018 487 489
Ric MooreTelephone; (06) 289 4739 (Policy).
KAY GRIMSLEY
ASSISTANT SECRETARY
BENEFITS INCOME SUPPORT
THIS ATTACHMENT HAS BEEN REKEYED TO ENABLE IT TO BE INCLUDED ON 'THE GENERAL'
ATTACHMENT
BRANCH OFFICE
199 Grenfell Street
Adelaide SA 5000
Postal Address:
GPO Box 1652, Adelaide SA 5001
Telephone:
Metropolitan Residents: (08) 2132568
Country Residents: 008 113304
NT Residents: 008 888121
Facsimile: (08) 2132660
YOUR FILE NUMBER IS SP
Dear Mr
VARIATION TO YOUR PENSION AND/OR ALLOWANCE
Exchange Rate Variation
As a result of exchange rate variations the value of your income from pounds Sterling has increased. The exchange rate that now applies for Service Pension assessment purposes is $2.3381 equals one pound Sterling. This rate has been calculated by averaging the on-demand airmail buying rate from the Commonwealth Bank of Australia for the two weeks ending on 1993.
Payment Details
The amount of pension you receive will be varied from 14 October 1993.
Payment will be made at the rate shown below.
Service pension — 295.90
Remote area allowance — 17.50
Pharmaceutical allowance — 5.20
Total fortnightly service pension$318.60
TOTAL FORTNIGHTLY PAYMENT$318.60
This amount will be credited each fortnight to account number , in the name of at the Commonwealth Bank.
Your Right of Review
If you do not agree with a decision affecting your rate of service pension. you may apply to have it reviewed by a Delegate of the Repatriation Commission. The Delegate may decide the original decision was correct, or may decide to change it. If the decision is changed, your pension may be increased or decreased .
Any request for a review must be made in writing within three months of the day you receive this letter. Your letter should state the specific grounds for your request for review.
Release and Use of Information
The income and asset information you give to this Department is used to work out your eligibility for pension and other benefits. Some information that you have supplied may be released to other agencies or bodies such as the Department of Social Security; the Australian Taxation Office, the Health Insurance Commission; various state and local government authorities; and superannuation funds.
The reason for supplying information to such agencies or bodies is to verify income/asset details; matching of information; payment of accounts for treatment; and to verify eligibility for rebates or concessions.
If you have any questions about any of the above matters please contact this office at the address or telephone number shown at the top of this letter.
Yours sincerely,
S J Lalor
Deputy Commissioner as Delegate of the Secretary