Pontius Correct. Annual pension is declared on my Aussie tax return and they convert it at whatever the mean rate is (I think).
Today the exchange rate has shot up from 2.40 to 2.46 to the quid so, courtesy of telephone (instant) banking I've just transferred 8,200 quid to my $ account and will bring it over when I'm good and ready (probably when the rate has dropped to 2.30 or so!)