DATE OF ISSUE: 28 MARCH 2002
EXCHANGE RATE VARIATION OF POUNDS STERLING - EFFECT ON INCOME SUPPORT PENSIONERS IN RECEIPT OF BRITISH RETIREMENT INCOME (BRI)
Purpose of Instruction |
The purpose of this Departmental Instruction is to provide information about the Pounds Sterling exchange rate variation exercise. |
Introduction |
Following the recent variation in foreign exchange rates, it is appropriate for DVA to apply a new exchange rate for income support pension assessment purposes. |
New exchange rate A$2.6860 |
The exchange rate used to convert Pounds Sterling to Australian Dollars for income support assessment purposes has changed from one Pound = A$2.6961 to one Pound Sterling equals A$2.6860 (ie A$1 = £0.3723). This rate reflects the average of the “on demand airmail buying rate” for the two weeks to 15 March 2002. |
Date of effect19 March 2002 |
Effective from 19 March 2002 the current exchange rate will change. On pension payday 18 April 2002 (pay period 21) pensioners will receive a full instalment at the new assessed rate. |
Date of processing run |
Processing to implement the new exchange rate is scheduled for the evening of Monday 1 April 2002. |
Automaticsuperannuation processing |
The amount recorded as BRI non-indexed super type 08 or BRI indexed super type 09 will be varied by applying the exchange rate to the amount recorded, to find the new rate of superannuation. The pension amount will then be reassessed accordingly. |
Manual cases and MS cases |
Cases with actions in frozen status will not be processed. These cases will be listed on the manual listing for follow up action, and CMS/PIPS cases will be created automatically for State Office action. Any cases processed through PIPS/PC should be reassessed from the beginning of the pension period for pension payday 18 April 2002 – ie 19 March 2002. |
Advice letters |
The advice letters for this exercise will be joint advices where both members of a couple are in receipt of BRI and their pension payment varies. Age Pensioners will receive separate advices. The letter will advise the new exchange rate, the amount of income and a payment box. An advice will only be produced for cases where a variation in payment results. |
IBM GSA implications |
IBM GSA will be producing the cartridge and will forward it to Security Mailing in Sydney. |
Overseas, Special Register and Enclosure Advices |
Overseas, Special Register, Enclosure Advice letters (ie cases where a change to treatment entitlement occurs) and reduction to nil cases will be separated by IBM GSA and despatched to the State Office for manual distribution. This arrangement is the same for daily advice letters. |
Mail out of bulk advices |
Security Mailing will print and prepare the advices for lodgement with Australia Post by 8 April 2002. |
British DP case paid Rent Assistance |
Income Support pensioners who are in receipt of Rent Assistance (RA) and who also receive British Disability Pension direct from Britain (not EATS and Composite cases) should have that Disability Pension converted to $A using the BRI exchange rate. RA should be manually recalculated. These cases can be extracted through AIS by each state. If you have any problem please contact Nasreen Haque on the number below. Note: If DP has already been assessed as income in determining Hardship cases it should not also be assessed as income for RA. |
Contact officer |
The Income Support Branch contact officer for the exercise will be: Nasreen Haque Telephone: (02) 6289 1125 |
ROGER WINZENBERG
Branch Head
Income Support
27 March 2002
POUND STERLING EXCHANGE RATE
Foreign exchange periodExchange rate
3 Dec 98 |
to |
27 January 99 |
0.3834 |
2.6082 |
28 January 99 |
to |
10 Feb 99 |
0.3719 |
2.6889 |
11 Feb 99 |
to |
19 May 99 |
0.3905 |
2.5608 |
20 May 99 |
to |
28 July 99 |
0.4079 |
2.4516 |
New Date of Effect Rules |
||||
13 July 99 |
to |
9 August 99 |
0.4271 |
2.3414 |
10 August 99 |
to |
1 Nov 99 |
0.4105 |
2.4361 |
2 Nov 99 |
to |
10 Jan 00 |
0.3952 |
2.5304 |
11 Jan 00 |
to |
6 March 00 |
0.4069 |
2.4576 |
7 March 00 |
to |
1 May 00 |
0.3927 |
2.5465 |
2 May 00 |
to |
29 May 00 |
0.3807 |
2.6267 |
30 May 00 |
to |
10 July 00 |
0.3907 |
2.5595 |
11 July 00 |
to |
16 Oct 00 |
0.4022 |
2.4863 |
17 Oct 00 |
to |
2 April 01 |
0.3737 |
2.6759 |
3 April 01 |
to |
14 May 01 |
0.3550 |
2.8169 |
15 May 01 |
to |
23 July 01 |
0.3674 |
2.7218 |
24 July 01 |
to |
6 August 01 |
0.3803 |
2.6295 |
7 August 01 |
to |
1 October 01 |
0.3701 |
2.7020 |
2 October 01 |
to |
29 October 01 |
0.3430 |
2.9155 |
30 October 01 |
to |
10 December 01 |
0.3588 |
2.7871 |
11 December 01 |
to |
7 January 2002 |
0.3709 |
2.6961 |
8 Januaruy 2002 |
to |
18 March 2002 |
0.3612 |
2.7685 |
19 March 2002 |
to |
0.3723 |
2.6860 |
|