Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 27C

  (1)   The functions of CSC under this Act are:

  (a)   to manage and invest the Fund so as to maximise the return earned on the Fund, having regard to:

  (i)   the need to make provision for payments out of the Fund under this Act; and

  (ii)   the need for equity among eligible employees and associate members; and

  (iii)   the need to exercise reasonable care and prudence in order to maintain the integrity of the Fund; and

  (b)   to be responsible for the general administration of this Act.

Note:   For other functions of CSC, see section   8 of the Governance of Australian Government Superannuation Schemes Act 2011 .

  (2)   It is the duty of CSC, in the exercise of its functions under paragraph   (1)(a):

  (a)   to establish from time to time:

  (i)   policies for the investment of money standing to the credit of the Fund; and

  (ii)   the strategies to be adopted to achieve those policies; and

  (b)   to ensure that the decisions and operations of CSC are directed towards achieving the objective referred to in paragraph   (1)(a); and

  (c)   to ensure that CSC has, or has access to, the skills, facilities and resources required to achieve the objective referred to in paragraph   (1)(a); and

  (d)   to take reasonable steps, consistently with the objective referred to in paragraph   (1)(a) and subject to subsection   (4), to inform eligible employees and associate members about the management and investment of the Fund; and

  (e)   to liaise with relevant industrial organisations concerning the interests of eligible employees and, subject to subsection   (4), to inform those organisations about the management and investment of the Fund; and

  (f)   to ensure that CSC conducts its operations in an efficient manner; and

  (g)   to ensure that CSC complies with its obligations under this Act and its other legal obligations.

  (3)   Without limiting the generality of paragraph   (2)(a), CSC must develop and maintain plans and procedures for the implementation of its investment strategies in relation to the Fund.

  (4)   CSC must, in performing its duties under paragraphs   (2)(d) and (e), have regard to the need to protect information the disclosure of which could adversely affect the financial position or the commercial or other operations of CSC.

  (5)   Without limiting the generality of paragraph   (2)(d), CSC must, at least once in each financial year, publish to eligible employees a summary that contains information of the kind referred to in that paragraph.

  (8)   The reference in paragraph   (2)(e) to relevant industrial organisations is a reference to relevant industrial organisations the objectives of which extend to representing the interests of their members in relation to the terms and conditions of employment of those members.