DATE OF ISSUE:
MANAGED INVESTMENTS - FORTNIGHTLY AUTOMATIC PROCESSING
The purpose of this instruction is to outline the arrangements related to the implementation of automated fortnightly processing runs for managed investments to early January 1992.
Introduction
2.The primary objectives and operational aspects of the Managed Investment System's (MINVS) capability to automatically reassess, via fortnightly runs, Service Pensions where managed investments are held in a veteran's financial record and data relating to those investments alters, were outlined in DI B15/90 and remain broadly as stated.
3.As stated in DI B42/91, enhancements were made to the System in September 1991 to prevent the generation of unnecessary manual variation cases. These enhancements were most effective and the majority of manual cases generated by the three initial runs for the System for 1991/92 have basically been genuine manual arrears cases resulting from MLI (Market Linked Investment) percentage return adjustments and the cessation of fees deductions.
4.Further enhancements are currently being developed to make the automatic reassessment programme more effective and the manual variation schedule easier to use. These enhancements are expected to be introduced in the near future and you will be advised of their introduction.
Manual cases generated as the result of a product closure
5.Some concerns were raised about the manual cases generated for the 26 September run which were for product closures. Please note that it is not possible to develop an automatic assessment routine for a client where the managed investment product has been terminated by the product manager. As the Department needs to know how the client disposed of the funds received as a result of the product closure, the relevant cases must be identified and set to be forced out as manual cases to enable the clients to be contacted and reviewed as necessary.
Schedule for fortnightly managed investment runs to early January 1992
6.At this stage further MINVS runs have been scheduled as follows:
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FORTNIGHTLY MINVS RUN DATE
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MANUAL PROCESSING CUT-OFF DATE
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24 October 1991 |
COB 5 November |
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7 November 1991 |
COB 19 November |
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nil runs for December |
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16 January 1992 |
COB 28 January 1992 |
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Monitoring of processing for fortnightly MINVS runs & impact on subsequent runs
7.It is expected that, due to the database tidying effect of the first three MINVS runs, regularly initiated subsequent runs should now produce manageable workload levels. However, it remains important for all States to carefully monitor the rate at which the manual cases are processed and finalised to allow an assessment as to whether all cases can be finalised before the nominated cut-off dates. This will allow a reassessment as to whether subsequent runs should be postponed. This information should be passed on to Martin Dibb (Income Support, Central Office) within the first five processing days for each run.
Contact officer
8.The contact officer for further general enquiries is Martin Dibb, Income Support, telephone (06) 2896439. ADP related enquiries should be directed to Glenys Canning, Benefits ADP, telephone (06) 2896019
PETER HAWKER
NATIONAL PROGRAM DIRECTOR (BENEFITS)