Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies where, by virtue of an instrument in force under subsection 202(1), the trustee of instalments of the pension, veteran payment or allowance payable to a person is:
(a) the Commission; or
(b) an officer of the Australian Public Service appointed as trustee in his or her capacity as such an officer.
(2) The trustee may:
(a) accumulate so much of the instalments of the pension, veteran payment or allowance received by the trustee as is not required for application in accordance with subparagraph 202(2)(b)(i); and
(b) invest any trust funds so accumulated in any manner prescribed by the regulations.
(3) Where the trustee is a trustee of instalments of pensions, veteran payments or allowances payable to 2 or more persons, the trustee may, subject to subsection (4), for the purposes of investing the trust funds as mentioned in paragraph (2)(b), pool the trust funds in respect of those persons.
(4) The trustee shall not pool trust funds under subsection (3), or invest trust funds pooled under that subsection, in a way that prevents the trust funds held in respect of each individual person being identified sufficiently to enable paragraph 202(2)(b) to be complied with.
(5) The trustee may:
(a) make an arrangement with another person for the other person to manage the trust funds; and
(b) for the purposes of such an arrangement, transfer the trust funds to the other person;
but the making of such an arrangement, or the transferring of the trust funds, does not relieve the trustee of any duties or liabilities as trustee.
(6) The Commission:
(a) may charge such fees, whether by way of commission or otherwise, as are determined in accordance with the regulations in respect of services rendered by the trustee; and
(b) is entitled to reasonable expenses incurred by the trustee in rendering services as trustee.
(7) The fees and expenses payable under subsection (6) in respect of services rendered by the trustee as trustee of a pension, veteran payment or allowance may be paid from the trust funds.
(8) In this section:
"trust funds" , in relation to the trustee of instalments of the pension, veteran payment or allowance payable to a person, means the instalments of the pension, veteran payment or allowance received by the trustee, investments representing those instalments and returns received on those investments.