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B51/1995 EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)
DATE OF ISSUE: 30 AUGUST 1995
EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON SERVICE PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)
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 and as a consequence DVA will apply the new rate.
2.On payday 14 September 1995 the current exchange rate will change from one pound Sterling equals $2.1853 to one pound Sterling equals $2.0947 being the average of the "on demand airmail buying rate" for the two weeks to 23 August 1995. This is the same exchange rate as the Department of Social Security will be holding from 7 September 1995.
BRITISH DP CASES PAID RENT ASSISTANCE
3.Service pensioners who are in receipt of Rent Assistance and who also receive British Disability Pension direct from Britain (not EATS and Composite cases) should have that DP pension converted to $A using the BRI exchange rate. The resulting reassessment of their SP could vary the RA paid. A listing of affected cases can be obtained from the Mainframe Support Unit (MSU). These cases have previously been assessed at the agreed UK DP exchange rate. The use of that exchange rate is not appropriate.
4.This exercise is scheduled for processing on Tuesday evening, 29 August 1995.
AUTOMATIC SUPERANNUATION PROCESSING
5.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
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 State Office action.
7.As in the previous exercise, the advice letters for this exercise will contain a payment information line, advising pensioners of their fortnightly payment. The payment will not be broken down as in a normal payment box, but will simply advise of the dollar amount of payment. Where a joint advice is produced, both veteran and partner will each have a payment information line. An advice will only be produced for cases where a variation in payment results.
REGULATION 45A PROCEDURES
8.The Assistant Secretary of Income Support Branch, Compensation Division, in National Office will issue certificates in the terms of Finance Regulation 45A that will be forwarded to the Authorising Officer in your Finance Branch.
9.The NCC will be producing the cartridge and will forward it to the Leigh-Mardon Pty Ltd. Overseas, Special Register and cases that change treatment entitlement will be separated by Leigh-Mardon and despatched to the State Offices for manual distribution.
MAIL OUT OF BULK ADVICES
10.Leigh-Mardon will print and prepare the advices for progressive lodgement with Australia Post by Friday 8 September 1995.
11.The Compensation Division contact officers for this exercise will be:
Murray ChynowethTelephone:(06) 289 6799 (Mainframe Support Unit)
Ferri GhaziTelephone:(06) 289 6436 (Policy).
Danielle MoloneyTelephone:(06) 289 6682 (Mailout)
COMMUNICATION, OPERATIONS & REVIEW SECTION
INCOME SUPPORT BRANCH
POUND STERLING EXCHANGE RATES
Foreign exchange periodExchange rate
17 Feb 94 — to 16 March — 0.4708 — 2.1240
17 Mar 94 to — 3 August 94 — 0.4902 — 2.0400
4 August 94 — to — 23 Nov 94 — 0.4762 — 2.1000
24 Nov 94 — to — 7 Dec. 94 — 0.4576 — 2.1853
8 Dec. 94 — to — 21 Dec. 94 — 0.4723 — 2.1173
22 Dec. 94 — to — 15 March 95 — 0.4898 — 2.0416
16 March 95 — to — 26 April 95 — 0.4770 — 2.0964
27 April 95 — to — 13 Sept. 95 — 0.4576 — 2.1853
14 Sept. 95 — to — 0.4774 — 2.0947