DATE OF ISSUE: 1 MARCH 1994
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 17 March 1994 the current exchange rate will change from One Pound Sterling equals $2.1240 to One Pound Sterling equals $2.0400 being the average of the "on demand airmail buying rate" for the two weeks to 23 February 1994. This is the same exchange rate as the Department of Social Security will be holding from 10 March 1994.
TIMETABLE
3.This exercise is scheduled for processing on Tuesday, 1 March 1994.
AUTOMATIC SUPERANNUATION PROCESSING
4.The amount recorded as super type 08 or 09 will be varied by applying a conversion factor. The amount in Australian Dollars of income recorded as British Retirement Income superannuation type 08 or 09 will be multiplied by the conversion factor to find the new rate of superannuation. The pension amount will then be reassessed accordingly.
MANUAL CASES AND MS CASES
5.Cases with actions in SB or PY status will not be processed. These cases will be listed on the manual case listing for follow up action, and CMS/PIPS cases will be created automatically for Branch Office action.
REGULATION 45A PROCEDURES
6.The Assistant Secretary of both Benefits Planning and Management and IT Applications Branches in Central Office will issue certificates in the terms of Finance Regulation 45A that will be forwarded to the Authorising Officer in your Finance Branch.
NCC IMPLICATIONS
7.The NCC will be printing the advices. Overseas, Special Register and cases that change treatment entitlement will be separated by NCC and despatched to the Branch offices for manual distribution.
MAIL OUT OF BULK ADVICES
8.R.L. Polk have been contracted to prepare the advices for progressive lodgement with Australia Post by 11 March 1994.
CONTACT OFFICER
9.The Benefits contact officers for this exercise will be:
Paul WoodTelephone: (06) 289 6799 (Systems)
Pat WebbTelephone: (06) 289 6444 (Policy).
KAY GRIMSLEY
ASSISTANT SECRETARY
BENEFITS INCOME SUPPORT
POUND STERLING EXCHANGE RATES
Foreign exchange periodExchange rate
£$
23 April 87 — to — 24 Feb 88 — 2.25
25 Feb 88 — to — 29 Jun 88 — 2.50
30 Jun 88 — to — 24 Aug 88 — 2.22
25 Aug 88 — to — 22 Feb 89 — 2.10
23 Feb 89 — to — 22 March 89 — 2.04
23 March 89 — to — 5 April 89 — 1.92
6 Apr 89 — to — 18 Oct 89 — 2.08
19 Oct 89 — to — 21 March 90 — 2.00
22 March 90 — to — 17 April 90 — 2.22
18 April 90 — to — 27 June 90 — 0.4513 — 2.2156
28 June 90 — to — 19 Sept. 90 — 0.4575 — 2.1858
20 Sept. 90 — to — 12 Dec. 90 — 0.4423 — 2.2608
13 Dec. 90 — to — 19 March 91 — 0.4165 — 2.4010
20 March 91 — to — 12 June 91 — 0.4069 — 2.4576
13 June 91 — to — 19 Sept. 91 — 0.4477 — 2.2336
20 Sept. 91 — to — 25 Dec. 91 — 0.4720 — 2.1186
26 Dec. 91 — to — 19 March 92 — 0.4643 — 2.1538
20 March 92 — to — 24 June 92 — 0.4159 — 2.4044
25 June 92 — to — 19 Sept. 92 — 0.4383 — 2.2815
20 Sept. 92 — to — 25 Nov. 92 — 0.3914 — 2.5549
26 Nov. 92 — to — 3 March 93 — 0.4485 — 2.2297
4 March 93 — to — 14 April 93 — 0.4707 — 2.1245
15 April 93 — to — 12 May 93 — 0.4910 — 2.0367
13 May 93 — to — 23 June 93 — 0.4693 — 2.1308
24 June 93 — to — 1 Sept. 93 — 0.4499 — 2.2227
2 Sept. 93 — to — 13 Oct. 93 — 0.4639 — 2.1556
14 Oct. 93 — to — 10 Nov. 93 — 0.4277 — 2.3381
11 Nov. 93 — to — 24 Nov. 93 — 0.4399 — 2.2732
25 Nov. 93 — to — 16 Feb 94 — 0.4559 — 2.1935
17 Feb 94 — to 16 Mar 94 — 0.4708 — 2.1240
17 Mar 94 — to — 0.4902 — 2.0400