{"id":"nsw:act-1996-039","name":"Superannuation Administration Act 1996","slug":"superannuation-administration-act-1996","collection":"act","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"39 of 1996","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":175553,"registerId":"nsw-nsw:act-1996-039-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"# Part 1 Preliminary\n\nPart 1 Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Name of Act","content":"#### 1 Name of Act\n\n1 Name of Act\n\n> This Act is the [Superannuation Administration Act 1996](/view/html/inforce/current/act-1996-039).","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This Act commences on a day or days to be appointed by proclamation.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Objects of Act","content":"#### 3 Objects of Act\n\n3 Objects of Act\n\n> The objects of this Act are as follows—\n> \n> > (a) to establish the SAS Trustee Corporation as the trustee for the State defined benefit public sector superannuation schemes,\n> \n> > (b) to provide for the provision of investment management services and other services for State public sector superannuation schemes,\n> \n> > (c) to set out the functions and responsibilities of trustees and service providers for State public sector superannuation schemes,\n> \n> > (d) (Repealed)\n> \n> > (e) to enable the establishment of additional superannuation schemes for State public sector employees and associated persons by trust deed.\n> \n> **s 3:** Am 1999 No 5, Sch 4 \\[1\\]; 2004 No 10, Sch 1 \\[2\\]; 2005 No 91, Sch 2.2 \\[2\\]; 2006 No 121, Sch 1 \\[2\\].","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n4 Definitions\n\n> In this Act—\n> \n> benefit means a pension or lump sum retirement or superannuation benefit.\n> \n> exercise a function includes perform a duty.\n> \n> function includes a power, authority or duty.\n> \n> investment manager means a person who provides superannuation investment management services for a superannuation fund or funds or part of any such fund under a contract or an arrangement with STC, and includes any other person engaged by that person to provide all or any of those superannuation investment management services.\n> \n> local authority means a council within the meaning of the [Local Government Act 1993](/view/html/inforce/current/act-1993-030).\n> \n> mandated investment manager—see section 60.\n> \n> public authority means a person or body constituted or established by an Act for a public purpose.\n> \n> SAC means the Corporation constituted under the [Superannuation Administration Authority Corporatisation Act 1999](/view/html/inforce/current/act-1999-005).\n> \n> State sector employer means an employer under an STC scheme that is included in the consolidated Total State Sector financial statements under section 7.17 (1) of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055).\n> \n> STC means the SAS Trustee Corporation continued by this Act.\n> \n> STC dispute function means the principal function, referred to in section 50 (1) (e), to determine disputes under the Acts under which the STC schemes are established or constituted.\n> \n> STC disputes committee means a committee delegated the STC dispute function under section 77.\n> \n> STC fund or STC scheme means a superannuation fund or superannuation scheme established or constituted under any of the following Acts—\n> \n> > (a) [Police Regulation (Superannuation) Act 1906](/view/html/inforce/current/act-1906-028),\n> \n> > (b) [Superannuation Act 1916](/view/html/inforce/current/act-1916-028),\n> \n> > (c) [Local Government and Other Authorities (Superannuation) Act 1927](/view/html/inforce/current/act-1927-035),\n> \n> > (d) [Transport Employees Retirement Benefits Act 1967](/view/html/inforce/current/act-1967-096),\n> \n> > (e) [New South Wales Retirement Benefits Act 1972](/view/html/inforce/current/act-1972-070),\n> \n> > (f) [Public Authorities Superannuation Act 1985](/view/html/inforce/current/act-1985-041),\n> \n> > (g) [State Public Service Superannuation Act 1985](/view/html/inforce/current/act-1985-045),\n> \n> > (h) [State Authorities Superannuation Act 1987](/view/html/inforce/current/act-1987-211),\n> \n> > (i) [State Authorities Non-contributory Superannuation Act 1987](/view/html/inforce/current/act-1987-212).\n> \n> superannuation fund means a fund established under a superannuation scheme.\n> \n> superannuation investment management services include (but are not limited to) the following—\n> \n> > (a) managing investments for any superannuation fund or funds or part of any such fund,\n> \n> > (b) advising on investments and investment strategies and other related strategies for any superannuation fund or funds or part of any such fund,\n> \n> > (c) providing services in relation to the custody of the assets and securities of any superannuation fund or funds or part of any such fund.\n> \n> superannuation scheme means a scheme, fund or arrangement (whether or not established by an Act) under which any benefits are provided.\n> \n> surplus funds means the funds in an employer’s reserve in an account maintained under section 81 that are in excess of the amount that is required to meet current and future liabilities under the STC scheme to which the account relates. The amount of surplus funds is the amount that is actuarially determined in accordance with Accounting Standard AASB 119: Employee Benefits made by the Australian Accounting Standards Board (as in force from time to time) or another standard prescribed by the regulations.\n> \n> Note.\n> \n> The [Interpretation Act 1987](/view/html/inforce/current/act-1987-015) contains definitions and other provisions that affect the interpretation and application of this Act.\n> \n> **s 4:** Am 1997 No 42, Sch 1.9 \\[1\\]; 1999 No 5, Sch 4 \\[2\\]; 1999 No 86, Sch 1.9 \\[1\\]; 2004 No 10, Sch 1 \\[3\\]–\\[5\\]; 2005 No 52, Sch 7 \\[1\\]; 2005 No 91, Sch 2.2 \\[3\\]; 2008 No 28, Sch 1 \\[1\\]; 2015 No 53, Sch 1 \\[1\\]; 2018 No 70, Sch 4.97\\[1\\].","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":null,"content":"#### 5\n\n5 (Repealed)","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Notes in text","content":"#### 6 Notes in text\n\n6 Notes in text\n\n> Introductory notes to Parts or Divisions and other notes in the text of this Act do not form part of this Act.","sortOrder":7},{"sectionNumber":"Part 2","sectionType":"part","heading":null,"content":"# Part 2\n\nPart 2\n\n7–47 (Repealed)\n\n**pt 2:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, note:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, div 1:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 7:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 8:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 9:** Am 1999 No 5, Sch 4 \\[3\\] \\[4\\]; 1999 No 86, Sch 1.9 \\[2\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**ss 10–12:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 12A:** Ins 1998 No 144, Sch 2.6 \\[1\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 13:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, div 2:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 14:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 15:** Am 1998 No 72, Sch 1.5; 2004 No 10, Sch 1 \\[6\\] \\[7\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**ss 16–18:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, div 3:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 19:** Subst 1999 No 5, Sch 4 \\[5\\]. Am 2004 No 10, Sch 1 \\[8\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 20:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 21:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 22:** Subst 1998 No 144, Sch 2.6 \\[2\\]. Am 2005 No 52, Sch 7 \\[2\\]–\\[4\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 23:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, div 4:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 24:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 25:** Am 2005 No 64, Sch 2.54 \\[1\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 26:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 27:** Am 2005 No 64, Sch 2.54 \\[1\\]–\\[3\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 28:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 29:** Am 1999 No 6, Sch 1.6 \\[1\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 30:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 31:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 32:** Am 2005 No 52, Sch 7 \\[5\\] \\[6\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 33:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 34:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 35:** Am 1998 No 144, Sch 1.5 \\[1\\]; 1999 No 6, Sch 1.6 \\[2\\]; 2005 No 52, Sch 7 \\[7\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, div 5 (ss 36–39):** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**pt 2, div 6:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 40:** Am 2005 No 52, Sch 7 \\[8\\]–\\[10\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 41:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 42:** Am 2004 No 10, Sch 1 \\[9\\]–\\[12\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 42A:** Ins 1997 No 42, Sch 1.9 \\[2\\]. Rep 2004 No 10, Sch 1 \\[13\\].\n\n**s 43:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 44:** Am 1998 No 144, Sch 2.6 \\[3\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 45:** Am 2005 No 52, Sch 7 \\[11\\]. Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 46:** Rep 2005 No 91, Sch 2.2 \\[5\\].\n\n**s 47:** Rep 2005 No 91, Sch 2.2 \\[5\\].","sortOrder":8},{"sectionNumber":"Part 3","sectionType":"part","heading":"Trustee for STC schemes (STC)","content":"# Part 3 Trustee for STC schemes (STC)\n\nPart 3 Trustee for STC schemes (STC)\n\nIntroductory note.\n\nThis Part continues in existence the State Authorities Superannuation Board, renames it the SAS Trustee Corporation and gives it the functions of the trustee for the STC schemes. These schemes are primarily defined benefit schemes established under Acts and are closed to new members. Generally, the trustee will have functions (which include powers, authorities and duties) that are consistent with the requirements of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth. That Act regulates the functions of trustees of superannuation funds and the administration of superannuation schemes but does not apply directly to the STC schemes. The trustee will also be subject to provisions of the [Trustee Act 1925](/view/html/inforce/current/act-1925-014). The trustee will have (among other functions) the function of administering the schemes and investing and managing the superannuation funds concerned. However, it will be required to arrange for these services to be provided by service providers in accordance with this Act. This will not detract from the primary responsibility and power of the trustee in these matters.","sortOrder":9},{"sectionNumber":"Division 1","sectionType":"division","heading":"Establishment and principal functions of STC","content":"## Division 1 Establishment and principal functions of STC\n\nDivision 1 Establishment and principal functions of STC","sortOrder":10},{"sectionNumber":"48","sectionType":"section","heading":"Continuation of STC (formerly the State Authorities Superannuation Board)","content":"#### 48 Continuation of STC (formerly the State Authorities Superannuation Board)\n\n48 Continuation of STC (formerly the State Authorities Superannuation Board)\n\n> > (1) The corporation constituted by the [Superannuation Administration Act 1987](/view/pdf/asmade/act-1987-210) with the corporate name of State Authorities Superannuation Board and continued by the [Superannuation Administration Act 1991](/view/pdf/asmade/act-1991-96) is continued by this Act.\n> \n> > (2) The continued corporation is to have the corporate name SAS Trustee Corporation. The body may also be called STC, and the use of that name has the same effect for all purposes as the use of its corporate name.\n> \n> > (3) STC is, for the purposes of any Act, a statutory body representing the Crown.","sortOrder":11},{"sectionNumber":"49","sectionType":"section","heading":"STC to be trustee for STC schemes","content":"#### 49 STC to be trustee for STC schemes\n\n49 STC to be trustee for STC schemes\n\n> > (1) STC is the trustee for the STC schemes and is to hold in trust for the persons who are or will be entitled to benefits under the STC schemes all assets held by, and all contributions and other money paid or payable to, STC under this Act and any Act under which an STC scheme is constituted or established.\n> \n> > (2) STC is a trustee for the purposes of the [Trustee Act 1925](/view/html/inforce/current/act-1925-014). Accordingly, subject to this Act, and unless this Act, the [Trustee Act 1925](/view/html/inforce/current/act-1925-014) or any other Act otherwise provides, STC has the obligations, rights and duties of a trustee under Division 2 of Part 2 of the [Trustee Act 1925](/view/html/inforce/current/act-1925-014).\n> \n> Note.\n> \n> The effect of this is that STC is subject to both the common law obligations, duties and rights of trustees and the obligations, duties and rights of trustees under the [Trustee Act 1925](/view/html/inforce/current/act-1925-014). These are in addition to its obligations, duties and rights under this Act, unless the [Trustee Act 1925](/view/html/inforce/current/act-1925-014) or this Act otherwise provides.","sortOrder":12},{"sectionNumber":"50","sectionType":"section","heading":"Principal functions of STC","content":"#### 50 Principal functions of STC\n\n50 Principal functions of STC\n\n> > (1) The principal functions of STC are—\n> > \n> > > (a) to administer the STC schemes, and\n> > \n> > > (b) to invest and manage the STC funds, and\n> > \n> > > (c) to provide for the custody of the assets and securities of the STC schemes, and\n> > \n> > > (d) to ensure that benefits payable to the persons entitled to receive benefits under the STC schemes are paid in accordance with the Acts under which the schemes are established or constituted, and\n> > \n> > > (e) to determine disputes under those Acts, and\n> > \n> > > (f) to exercise such other functions with respect to the STC schemes and STC funds as the Minister may from time to time approve by order in writing.\n> \n> > (1A) The Minister may in an order for the purposes of subsection (1) (f), direct that a function specified in the approval may be exercised by STC directly or only by entering into a contract or arrangement under section 53 with SAC or (if the direction so provides) with a person of STC’s choosing, under which SAC or that person undertakes to carry out the function on behalf of STC.\n> \n> > (2) STC has such other functions as may be conferred or imposed on it by or under this or any other Act.\n> \n> > (3) (Repealed)\n> \n> Note.\n> \n> The STC schemes include the State Authorities Superannuation Scheme, the Police Superannuation Scheme, the State Superannuation Scheme, the State Authorities Non-contributory Superannuation Scheme and other public sector schemes. None of these schemes are currently open to new members, though public sector employees still contribute to some of them.\n> \n> Other particular functions and obligations of STC are contained in the legislation establishing the STC schemes, including the [Police Regulation (Superannuation) Act 1906](/view/html/inforce/current/act-1906-028), the [Local Government and Other Authorities (Superannuation) Act 1927](/view/html/inforce/current/act-1927-035), the [Superannuation Act 1916](/view/html/inforce/current/act-1916-028), the [State Authorities Superannuation Act 1987](/view/html/inforce/current/act-1987-211) and the [State Authorities Non-contributory Superannuation Act 1987](/view/html/inforce/current/act-1987-212).\n> \n> **s 50:** Am 1999 No 5, Sch 4 \\[6\\] \\[7\\]; 2006 No 2, Sch 4.63 \\[1\\]; 2008 No 117, Sch 1 \\[1\\]; 2015 No 58, Sch 3.86 \\[1\\].","sortOrder":13},{"sectionNumber":"51","sectionType":"section","heading":"Duties relating to functions","content":"#### 51 Duties relating to functions\n\n51 Duties relating to functions\n\n> > (1) STC must—\n> > \n> > > (a) act honestly in all matters relating to its functions relating to the STC schemes, and\n> > \n> > > (b) exercise, in relation to all matters affecting the STC schemes, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another for whom the person felt morally bound to provide, and\n> > \n> > > (c) ensure that its functions relating to the STC schemes are exercised in the best interests of persons entitled to receive benefits under the STC schemes, and\n> > \n> > > (d) not enter into any contract or arrangement, or do anything else, that would prevent STC from, or hinder STC in, properly exercising STC’s functions as a trustee.\n> > \n> > Note.\n> > \n> > The duties contained in subsection (1) reflect the covenants required of superannuation scheme trustees under the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> > (2) In exercising its functions, STC must have regard to—\n> > \n> > > (a) the interests of persons entitled to receive benefits under the STC schemes, and\n> > \n> > > (b) the Heads of Government Agreement, commencing 1 July 1996, relating to the exemption of certain State public sector superannuation schemes from the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth, and\n> > \n> > > (c) the future liabilities of the STC funds, and\n> > \n> > > (d) any statement in writing of the policy of the Government on any matter that is relevant to the functions of STC given by the Minister to STC, and\n> > \n> > > (e) the role of employers under STC schemes in funding benefits under those schemes.\n> \n> > (3) Subsection (1) (d) does not prevent STC from entering into a contract or an arrangement under section 53.\n> \n> Note.\n> \n> Members of the STC Board have a duty to ensure that STC carries out its duties (see section 73).\n> \n> **s 51:** Am 2015 No 53, Sch 1 \\[2\\].","sortOrder":14},{"sectionNumber":"52","sectionType":"section","heading":"Government policy statements to be laid before Parliament","content":"#### 52 Government policy statements to be laid before Parliament\n\n52 Government policy statements to be laid before Parliament\n\n> > (1) The Minister is required to lay before each House of Parliament, within 14 sitting days after giving a statement under section 51 (2) (d), a copy of the statement.\n> \n> > (2) If a House of Parliament is not sitting when the Minister seeks to comply with this section, the Minister is required to present a copy of the relevant statement to the Clerk of the House.\n> \n> > (3) A copy of a statement presented to the Clerk of a House of Parliament under this section—\n> > \n> > > (a) is, on presentation and for all purposes, taken to have been laid before the House, and\n> > \n> > > (b) is required to be printed by authority of the Clerk, and\n> > \n> > > (c) if printed by the authority of that Clerk, is, for all purposes, taken to be a document published by order or under the authority of that House, and\n> > \n> > > (d) is to be recorded in the Minutes, or Votes and Proceedings, of that House on the first sitting day of that House after receipt of the copy by that Clerk.","sortOrder":15},{"sectionNumber":"53","sectionType":"section","heading":"Power to enter into contracts or arrangements","content":"#### 53 Power to enter into contracts or arrangements\n\n53 Power to enter into contracts or arrangements\n\n> > (1) STC may enter into contracts or arrangements with any person—\n> > \n> > > (a) under which the person undertakes to carry out the function of providing all or any superannuation investment management services for a superannuation fund or part of a fund under one or more of the STC schemes, on behalf of STC, or\n> > \n> > > (b) under which the person undertakes to carry out the function of providing superannuation scheme administration services to the STC schemes on behalf of STC, or\n> > \n> > > (c) (Repealed)\n> > \n> > > (d) under which the person undertakes to carry out any other functions on behalf of STC under this or any other Act, or\n> > \n> > > (e) for the performance of any other services.\n> \n> > (1A) An investment manager who enters into a contract or arrangement with STC to provide superannuation investment management services may (subject to the terms of that contract or arrangement) engage another investment manager to provide any such service. In that case, a reference in this section to the person who enters into or makes the contract or arrangement with STC includes a reference to any such other investment manager engaged to provide the service.\n> \n> > (2) The power of STC to enter into a contract or an arrangement does not extend to conferring on any other person the power of STC to appoint an actuary or actuaries to conduct an investigation into the state or sufficiency of an STC fund.\n> \n> > (3) A person who enters into a contract or an arrangement with STC under this section has, while acting in accordance with the terms of the contract or arrangement, those functions of STC specified in the contract or arrangement.\n> \n> > (4) STC may enter into a contract or an arrangement under this section only if STC is satisfied that the contract or arrangement is in the interests of the persons entitled to receive benefits under the STC schemes.\n> \n> > (5) Any such contract or arrangement may deem the person with whom STC makes the contract or arrangement to be an agent of STC.\n> \n> > (6) A contract or an arrangement entered into by STC under this section does not confer on the other party any of the principal functions and responsibilities of STC as trustee.\n> \n> **s 53:** Am 2015 No 53, Sch 1 \\[3\\]–\\[5\\].","sortOrder":16},{"sectionNumber":"54","sectionType":"section","heading":"Minister’s consent required","content":"#### 54 Minister’s consent required\n\n54 Minister’s consent required\n\n> > (1) STC may not enter into a contract or an arrangement under section 53 (1) (a) or (b) with a person other than a mandated investment manager except with the Minister’s consent.\n> \n> > (2) The Minister may, by notice in writing given to STC, waive the requirement for consent generally or in such circumstances as may be specified by the Minister.\n> \n> **s 54:** Am 2015 No 53, Sch 1 \\[6\\] \\[7\\].","sortOrder":17},{"sectionNumber":"55","sectionType":"section","heading":"STC to be subject to Minister’s directions in certain circumstances","content":"#### 55 STC to be subject to Minister’s directions in certain circumstances\n\n55 STC to be subject to Minister’s directions in certain circumstances\n\n> > (1) The Minister may give a direction to STC relating to the exercise by STC of any one or more of its functions if the Minister is of the opinion that an act or omission, or conduct, by STC has had or could reasonably be expected to have a significant adverse effect on the Consolidated Fund or the financial management of the State. A direction must not be inconsistent with this or any other Act.\n> \n> > (2) STC must comply with any such direction.\n> \n> > (3) In giving a direction the Minister must have regard to—\n> > \n> > > (a) the interests of persons entitled to receive benefits under the STC schemes, and\n> > \n> > > (b) the duties and obligations of STC and the members of the STC Board.\n> \n> > (4) Nothing in this section constitutes the Minister as a trustee of the STC schemes.\n> \n> > (5) STC is not liable for anything done or omitted for the purpose only of complying with a direction of the Minister under this section.","sortOrder":18},{"sectionNumber":"56","sectionType":"section","heading":"Direction to be laid before Parliament","content":"#### 56 Direction to be laid before Parliament\n\n56 Direction to be laid before Parliament\n\n> > (1) The Minister is required to lay before each House of Parliament, within 14 sitting days after giving a direction under section 55, a copy of the direction.\n> \n> > (2) If a House of Parliament is not sitting when the Minister seeks to comply with this section, the Minister is required to present a copy of the relevant statement to the Clerk of the House.\n> \n> > (3) A copy of a statement presented to the Clerk of a House of Parliament under this section—\n> > \n> > > (a) is, on presentation and for all purposes, taken to have been laid before the House, and\n> > \n> > > (b) is required to be printed by authority of that Clerk, and\n> > \n> > > (c) if printed by the authority of that Clerk, is, for all purposes, taken to be a document published by order or under the authority of that House, and\n> > \n> > > (d) is to be recorded in the Minutes, or Votes and Proceedings, of that House on the first sitting day of that House after receipt of the copy by that Clerk.","sortOrder":19},{"sectionNumber":"57","sectionType":"section","heading":"Powers of STC","content":"#### 57 Powers of STC\n\n57 Powers of STC\n\n> Without limiting any other function conferred or imposed on it, STC may do all things that are necessary or convenient to be done for, or in connection with, the exercise of STC’s functions.","sortOrder":20},{"sectionNumber":"Division 2","sectionType":"division","heading":"Investment of STC funds","content":"## Division 2 Investment of STC funds\n\nDivision 2 Investment of STC funds","sortOrder":21},{"sectionNumber":"58","sectionType":"section","heading":"Investment strategy","content":"#### 58 Investment strategy\n\n58 Investment strategy\n\n> > (1) STC must, subject to this Part and section 129A, determine and give effect to an investment strategy for the STC funds (the investment strategy) and a strategy for the prudential management of any reserves of the funds (the reserves strategy).\n> \n> > (2) The investment strategy must have regard to the circumstances of the STC schemes, including but not limited to the following—\n> > \n> > > (a) the risk involved in making, holding and realising, and the likely return from, the investments having regard to the schemes’ objectives and their cash flow requirements,\n> > \n> > > (b) the composition of the investments as a whole, including the extent to which the investments are diverse or involve exposure to risks from inadequate diversification,\n> > \n> > > (c) the liquidity of the investments having regard to the schemes’ cash flow requirements,\n> > \n> > > (d) the ability to discharge the existing and prospective liabilities under the STC schemes,\n> > \n> > > (e) any other matter which a trustee is required to consider in determining an investment strategy under the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> > (3) The reserves strategy must be consistent with the investment strategy and the ability to discharge the existing and prospective liabilities under the STC schemes (whether actual or contingent) as and when they fall due.\n> \n> > (4) In determining the reserves strategy, STC must have regard to any other matter which a trustee is required to consider in determining a reserves strategy under the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> > (5) STC may not contract out its functions under this section.\n> \n> **s 58:** Am 2015 No 53, Sch 1 \\[8\\].","sortOrder":22},{"sectionNumber":"59","sectionType":"section","heading":"Investment manager to be appointed","content":"#### 59 Investment manager to be appointed\n\n59 Investment manager to be appointed\n\n> > (1) In exercising its function of investing and managing an STC fund, or part of a fund, STC must enter into a contract or an arrangement under section 53 with an investment manager or managers who undertake to provide superannuation investment management services for a superannuation fund or part of a fund under the STC scheme concerned, on behalf of STC. STC may not itself provide such services.\n> \n> > (2) STC must ensure that any such investment manager (and others the investment manager engages to provide the relevant services) operates within the investment powers of STC and complies with the investment strategy determined by STC and notified to the investment manager.\n> \n> > (3) STC may enter into contracts or arrangements for the provision of superannuation investment management services with more than one provider of services.\n> \n> > (3A) A contract or arrangement under which an investment manager undertakes to provide all superannuation investment management services for a superannuation fund or part of a fund is to make provision for the engagement of a separate person to provide services in relation to the custody of assets and securities.\n> \n> > (4), (5) (Repealed)\n> \n> Note.\n> \n> The Minister’s consent is required to any such contract or arrangement that is entered into with a person other than a mandated investment manager unless that requirement is waived (see section 54).\n> \n> **s 59:** Am 2004 No 10, Sch 1 \\[14\\]; 2015 No 53, Sch 1 \\[9\\]–\\[12\\].","sortOrder":23},{"sectionNumber":"60","sectionType":"section","heading":"Mandated investment managers","content":"#### 60 Mandated investment managers\n\n60 Mandated investment managers\n\n> > (1) The Treasurer may, with the approval of the Minister, by order in writing given to STC, require—\n> > \n> > > (a) the investment of the whole or any part of the STC funds to be managed by one or more investment managers approved by the Treasurer (a mandated investment manager), and\n> > \n> > > (b) STC to enter into a contract or arrangement referred to in section 59 with any such mandated investment manager with respect to superannuation investment management services for the whole or that part of the STC funds subject to the terms and conditions set out or described in the order.\n> \n> > (2) Subsection (1) does not prevent STC from entering into a contract or arrangement containing additional terms or conditions that are not inconsistent with the terms and conditions set out or described in the order.\n> \n> > (3) The Treasurer must consult with STC and the proposed mandated investment manager before giving an order under this section.\n> \n> > (4) A mandated investment manager (or an investment manager engaged by a mandated investment manager to provide relevant services)—\n> > \n> > > (a) may invest the whole or part of the STC funds concerned only in any investment that is authorised or permitted by this Act or any other applicable legislation, and\n> > \n> > > (b) must carry out the superannuation investment management services concerned subject to the applicable terms and conditions and consistently with any relevant investment strategy or policy.\n> \n> > (5) STC is taken to have discharged the obligations and duties imposed on it under this and any other law (written or unwritten) in relation to the investment and management of the whole or part of the STC funds, if a mandated investment manager (or an investment manager engaged by a mandated investment manager) provides superannuation investment management services in respect of the STC funds or part of the STC funds on behalf of STC in accordance with subsection (4).\n> > \n> > Note.\n> > \n> > Under section 69 (6) any act, matter or thing done in the name of, or on behalf of, STC by the STC Board is taken to have been done by STC. Section 80 protects persons such as the chief executive officer (who is subject to the control and direction of the Board) from personal and other liability.\n> \n> > (6) An order under this section takes effect on the day specified in the order.\n> \n> > (7) In this section—\n> > \n> > relevant investment strategy or policy, in relation to the whole or any part of the STC funds, means an investment strategy or reserves strategy determined by STC under section 58, or custodial policy determined by STC under this Act, in relation to the whole or that part of the STC funds.\n> \n> **s 60:** Rep 2004 No 10, Sch 1 \\[15\\]. Ins 2015 No 53, Sch 1 \\[13\\].","sortOrder":24},{"sectionNumber":"61","sectionType":"section","heading":null,"content":"#### 61\n\n61 (Repealed)","sortOrder":25},{"sectionNumber":"62","sectionType":"section","heading":"Borrowing and investment powers","content":"#### 62 Borrowing and investment powers\n\n62 Borrowing and investment powers\n\n> > (1) STC may enter into financial arrangements under and subject to Part 6 of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055).\n> \n> > (2) STC may take appropriate action to control or to enhance or protect the value of any investment made from the STC funds or to enhance or protect the return on any such investment.\n> \n> **s 62:** Am 2018 No 70, Sch 3.56 \\[1\\].","sortOrder":27},{"sectionNumber":"63","sectionType":"section","heading":"Restrictions on investment powers","content":"#### 63 Restrictions on investment powers\n\n63 Restrictions on investment powers\n\n> > (1) STC must not, from the assets of the funds under administration or in obtaining borrowings within the meaning of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055)—\n> > \n> > > (a) lend money to a contributor to, or to a person entitled to or receiving a benefit under, an STC scheme, either by lending the money directly or by lending it under arrangements entered into in the exercise of a general power of investment of the assets of the scheme, or\n> > \n> > > (b) borrow money or maintain an existing borrowing of money, whether by way of a secured or unsecured loan, otherwise than to obtain temporary finance, or\n> > \n> > > (c) invest any of the assets of an STC fund otherwise than on an arms-length basis, unless it is an in-house asset within the meaning of Part 8 of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> > (2) Subsection (1) does not prohibit the lending of money of an STC fund established before 25 May 1988 to a contributor if the trustee of the fund, on or before that date—\n> > \n> > > (a) had express power to lend money to contributors, or\n> > \n> > > (b) lent money to contributors and that lending was not expressly prohibited by the legislation establishing the fund.\n> \n> **s 63:** Am 2018 No 70, Sch 3.56 \\[2\\].","sortOrder":28},{"sectionNumber":"Division 3","sectionType":"division","heading":"Administration of STC schemes","content":"## Division 3 Administration of STC schemes\n\nDivision 3 Administration of STC schemes","sortOrder":29},{"sectionNumber":"64","sectionType":"section","heading":"Administrator to be appointed","content":"#### 64 Administrator to be appointed\n\n64 Administrator to be appointed\n\n> > (1) STC may exercise its function of administering an STC scheme only by entering into a contract or an arrangement under section 53 with a person (a scheme administrator) who undertakes to provide superannuation scheme administration services for the scheme on behalf of STC.\n> \n> > (2) STC must ensure that the scheme administrator operates within the powers of STC and complies with the policies determined by STC.\n> \n> > (3)–(7) (Repealed)\n> \n> **s 64:** Subst 1999 No 5, Sch 4 \\[8\\]. Am 2004 No 10, Sch 1 \\[16\\].","sortOrder":30},{"sectionNumber":"65","sectionType":"section","heading":"Provision of additional benefits","content":"#### 65 Provision of additional benefits\n\n65 Provision of additional benefits\n\n> STC may enter into a contract or an arrangement under section 53 with any person—\n> \n> > (a) for the insurance by that person, or the arranging of insurance by that person (on an individual or a group basis), of members of an STC scheme for the purpose of paying death or invalidity benefits (not being benefits based on past service) to or in respect of them, or\n> \n> > (b) for the management of a scheme, carried out by or on behalf of that person, for the purpose of paying any such benefits to or in respect of any such members.","sortOrder":31},{"sectionNumber":"66","sectionType":"section","heading":"STC may compromise or settle claims","content":"#### 66 STC may compromise or settle claims\n\n66 STC may compromise or settle claims\n\n> > (1) STC may compromise or otherwise settle any claim made against it.\n> \n> > (2) If STC compromises or otherwise settles a claim in relation to a benefit, the compromise or settlement discharges STC’s obligations as regards the benefit, and the amount payable is to be regarded as a benefit under the STC scheme concerned and is payable from the appropriate STC fund accordingly.\n> \n> > (3) To the extent that an amount payable by STC following a compromise or settlement is not a benefit under the relevant STC scheme, the amount is payable from whichever fund or funds that STC considers appropriate.\n> \n> > (4) STC may make such inquiries and investigations with respect to a claim made against it as it thinks fit.","sortOrder":32},{"sectionNumber":"67","sectionType":"section","heading":"Determination of disputes","content":"#### 67 Determination of disputes\n\n67 Determination of disputes\n\n> > (1) A dispute under this or any other Act concerning an STC scheme is to be determined by STC or an STC disputes committee, except as otherwise provided by the regulations.\n> \n> > (2) Regulations made for the purposes of subsection (1) may require that a dispute concerning the entitlements or obligations of an employee or beneficiary arising in respect of service by the employee with an employer that—\n> > \n> > > (a) was responsible for the payment of benefits under an STC scheme of which the employee was a member or to which the employee was a contributor, and\n> > \n> > > (b) has ceased to be responsible for the payment of benefits under that scheme but is responsible for the payment of benefits under a new superannuation scheme created in accordance with section 125,\n> > \n> > be determined, not by STC or an STC disputes committee, but by the trustee of the new superannuation scheme.\n> \n> > (3) In determining a dispute, STC, an STC disputes committee or the relevant trustee may inform itself on any matter in such manner as it thinks fit and, in so doing, is not bound to observe rules of law relating to evidence.\n> \n> > (4) A trustee acting in accordance with regulations referred to in subsection (2) and an STC disputes committee have and may exercise the powers conferred on STC by sections 66 and 68.\n> \n> > (5) This section does not apply to a dispute in respect of which an application may be made to the District Court under section 21 of the [Police Regulation (Superannuation) Act 1906](/view/html/inforce/current/act-1906-028).\n> \n> Note.\n> \n> The rights of a scheme member or other person to lodge a dispute with STC in relation to an STC scheme are set out in the [Police Regulation (Superannuation) Act 1906](/view/html/inforce/current/act-1906-028), section 23E; the [State Authorities Non-contributory Superannuation Act 1987](/view/html/inforce/current/act-1987-212), section 33B; the [State Authorities Superannuation Act 1987](/view/html/inforce/current/act-1987-211), section 54B and the [Superannuation Act 1916](/view/html/inforce/current/act-1916-028), section 85A.\n> \n> **s 67:** Am 1996 No 121, Sch 1.23 \\[1\\]. Subst 1998 No 144, Sch 2.6 \\[4\\]. Am 2005 No 52, Sch 7 \\[12\\]–\\[15\\]; 2008 No 28, Sch 1 \\[2\\].","sortOrder":33},{"sectionNumber":"68","sectionType":"section","heading":"Evidence from third parties","content":"#### 68 Evidence from third parties\n\n68 Evidence from third parties\n\n> > (1) STC may request a person who has made a claim against STC, or who has a dispute with STC, to provide STC with an authority to obtain from a third person any information or evidence that is relevant to the subject-matter of the claim or dispute.\n> \n> > (2) If such a person does not comply with any such request, STC is not obliged to proceed to process the claim or determine the dispute concerned.","sortOrder":34},{"sectionNumber":"Division 4","sectionType":"division","heading":"Management of STC","content":"## Division 4 Management of STC\n\nDivision 4 Management of STC","sortOrder":35},{"sectionNumber":"69","sectionType":"section","heading":"STC Board","content":"#### 69 STC Board\n\n69 STC Board\n\n> > (1) STC is to have a Board consisting of 8 part-time members and 1 full-time member appointed by the Minister.\n> \n> > (2) Of the members—\n> > \n> > > (a) 1 is to be appointed as Chairperson of the STC Board, and\n> > \n> > > (b) 4 are to be appointed as employer representatives, and\n> > \n> > > (c) 4 are to be appointed as employee representatives.\n> \n> > (3) Of the members appointed as employee representatives, 1 is to be a full-time member.\n> \n> > (4) Schedule 2 has effect with respect to the members and procedure of the Board.\n> \n> > (5) The STC Board has the function of managing and controlling the affairs of STC.\n> \n> > (6) Any act, matter or thing done in the name of, or on behalf of, STC by the STC Board is taken to have been done by STC.","sortOrder":36},{"sectionNumber":"70","sectionType":"section","heading":"Chairperson of STC Board","content":"#### 70 Chairperson of STC Board\n\n70 Chairperson of STC Board\n\n> > (1) The Chairperson of the STC Board is to be appointed by the Minister.\n> \n> > (2) To be eligible for appointment as Chairperson, a person must—\n> > \n> > > (a) have significant knowledge of, and experience in, the conduct of superannuation schemes, investments, financial management or public administration, and\n> > \n> > > (b) be independent of employers and employees and their respective interests.\n> \n> > (3) The Minister must not appoint a person as Chairperson without having consulted Unions NSW.\n> \n> **s 70:** Am 2005 No 64, Sch 2.54 \\[1\\].","sortOrder":37},{"sectionNumber":"71","sectionType":"section","heading":"Employer representative members","content":"#### 71 Employer representative members\n\n71 Employer representative members\n\n> > (1) Of the members of the STC Board appointed as employer representatives, one is to be appointed on the recommendation of the Treasurer.\n> \n> > (2) To be eligible for appointment as a member to represent the interests of employers a person must have knowledge of, and experience in, the conduct of superannuation schemes, investments, financial management or public administration.","sortOrder":38},{"sectionNumber":"72","sectionType":"section","heading":"Employee representative members","content":"#### 72 Employee representative members\n\n72 Employee representative members\n\n> > (1) The members of the STC Board appointed as employee representatives are to be nominated by Unions NSW.\n> \n> > (2) Unions NSW must not nominate a person to be a member unless it has consulted with organisations representing members of the STC schemes.\n> \n> > (3) If Unions NSW fails to nominate persons for the purposes of this section within the period specified in a written request by the Minister to do so, the Minister may appoint a member or members as employee representatives. Any such member is taken to be properly appointed under this section.\n> \n> > (4) (Repealed)\n> \n> **s 72:** Am 2005 No 64, Sch 2.54 \\[1\\]–\\[3\\]; 2008 No 28, Sch 1 \\[3\\].","sortOrder":39},{"sectionNumber":"73","sectionType":"section","heading":"Duties of members of STC Board","content":"#### 73 Duties of members of STC Board\n\n73 Duties of members of STC Board\n\n> > (1) A member of the STC Board must exercise a reasonable degree of care and diligence for the purposes of ensuring that STC carries out the duties referred to in section 51.\n> \n> > (2) For the purposes of this section, a reasonable degree of care and diligence is the degree of care and diligence that a reasonable person in the position of the member would exercise in STC’s circumstances.","sortOrder":40},{"sectionNumber":"74","sectionType":"section","heading":"Chief executive officer of STC","content":"#### 74 Chief executive officer of STC\n\n74 Chief executive officer of STC\n\n> > (1) The STC Board is to employ a person as the chief executive officer of STC.\n> \n> > (2) The chief executive officer has the function of exercising the day-to-day management of STC and has such other functions as may be conferred or imposed by or under this or any other Act.\n> \n> > (3) The chief executive officer is subject to the control and direction of the STC Board.\n> \n> > (4) The determination of the terms and conditions of employment of the chief executive officer of STC is subject to the concurrence of the Minister.\n> \n> > (5) The Chairperson of the STC Board may, subject to any direction of the STC Board, appoint a member of staff of STC or other person to act in the office of the chief executive officer during the illness or absence of the chief executive officer (or during a vacancy in the office of chief executive officer), and the person while so acting has all the functions of the chief executive officer and is taken to be the chief executive officer.\n> \n> > (5A)–(5C) (Repealed)\n> \n> > (6) The STC Board or Chairperson may, at any time, remove a person from office as acting chief executive officer.\n> \n> > (7), (8) (Repealed)\n> \n> **s 74:** Am 1999 No 6, Sch 1.6 \\[3\\]; 2008 No 28, Sch 1 \\[4\\] \\[5\\]; 2008 No 117, Sch 1 \\[2\\] \\[3\\].","sortOrder":41},{"sectionNumber":"75","sectionType":"section","heading":"Staff","content":"#### 75 Staff\n\n75 Staff\n\n> Persons may be employed in the Public Service under the [Government Sector Employment Act 2013](/view/html/inforce/current/act-2013-040) to enable STC to exercise its functions.\n> \n> Note.\n> \n> Section 59 of the [Government Sector Employment Act 2013](/view/html/inforce/current/act-2013-040) provides that the persons so employed (or whose services STC makes use of) may be referred to as officers or employees, or members of staff, of STC. Section 47A of the [Constitution Act 1902](/view/html/inforce/current/act-1902-032) precludes STC from employing staff (other than the chief executive officer of STC—see section 74 (1)).\n> \n> **s 75:** Rep 2006 No 2, Sch 4.63 \\[2\\]. Ins 2015 No 58, Sch 3.86 \\[2\\].","sortOrder":42},{"sectionNumber":"76","sectionType":"section","heading":"Agents","content":"#### 76 Agents\n\n76 Agents\n\n> > (1) STC may employ and pay an agent to transact any business or do any act (including receiving or paying money) that STC is authorised or required to transact or do in the exercise of its functions.\n> \n> > (2) An agent may be employed by STC to receive or pay money even though the agent, or any subagent employed by the agent, is not a bank, building society or credit union.\n> \n> > (3) Section 53 (3) of the [Trustee Act 1925](/view/html/inforce/current/act-1925-014) applies to agents employed under this section.\n> > \n> > Note.\n> > \n> > That provision excuses a trustee from liability for the default of an agent employed in good faith.","sortOrder":43},{"sectionNumber":"77","sectionType":"section","heading":"Delegation of functions","content":"#### 77 Delegation of functions\n\n77 Delegation of functions\n\n> > (1) STC may delegate to an authorised person any of its functions, other than this power of delegation.\n> \n> > (2) STC may also delegate any of its functions relating to the STC schemes—\n> > \n> > > (a) to a natural person with whom STC has entered into a contract or an arrangement under this Act, or\n> > \n> > > (b) to the chief executive or Board of any organisation with which STC has entered into such a contract or an arrangement.\n> \n> > (3) STC may not delegate any of its principal functions as trustee under this section, other than the STC dispute function.\n> \n> > (3A) STC may, in respect of a dispute, a class of disputes or all disputes under the Acts under which the STC schemes are established or constituted, delegate the STC dispute function to a committee that is comprised of or includes members of the STC Board.\n> \n> > (4) In this section, authorised person means a member of the STC Board, the chief executive of STC or a committee that is comprised of or includes members of the Board.\n> \n> > (5) Section 64 (7) of the [Trustee Act 1925](/view/html/inforce/current/act-1925-014) applies to STC and to a delegate under this section.\n> \n> **s 77:** Am 2005 No 52, Sch 7 \\[16\\] \\[17\\].","sortOrder":44},{"sectionNumber":"78","sectionType":"section","heading":"Committees","content":"#### 78 Committees\n\n78 Committees\n\n> > (1) The STC Board may establish committees to give advice and assistance to the Board in connection with any particular matter or function of the Board.\n> \n> > (2) It does not matter that some or all of the members of any committee are not members of the STC Board.\n> \n> > (3) The procedure for the calling of meetings of a committee and for the conduct of business at those meetings is to be as determined by the Board or (subject to any determination of the Board) by the committee.","sortOrder":45},{"sectionNumber":"79","sectionType":"section","heading":"Corporate plan","content":"#### 79 Corporate plan\n\n79 Corporate plan\n\n> > (1) STC is required to prepare and deliver to the Minister, not later than one month after the commencement of each financial year of STC, a corporate plan for the financial year.\n> \n> > (2) A corporate plan must specify—\n> > \n> > > (a) the objectives of STC’s activities for the financial year concerned, and\n> > \n> > > (b) the nature and scope of the activities to be undertaken, and\n> > \n> > > (c) the strategies, policies and budgets for achieving those objectives (including the investment strategy and the reserves strategy), and\n> > \n> > > (d) targets and criteria for assessing the performance of STC.\n> \n> > (3) Annual reporting information prepared for STC under the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055) must include an assessment of STC’s performance, according to the targets and criteria for assessment set out in the corporate plan applicable to the annual reporting period concerned.\n> \n> > (4) This section is subject to the requirements of any other Act or law.\n> \n> Note.\n> \n> STC must prepare annual reporting information for presentation to Parliament under the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055).\n> \n> **s 79:** Am 2018 No 68, Sch 1.20; 2018 No 70, Sch 4.97\\[2\\] \\[3\\].","sortOrder":46},{"sectionNumber":"80","sectionType":"section","heading":"Personal and other liability","content":"#### 80 Personal and other liability\n\n80 Personal and other liability\n\n> > (1) A matter or thing done or omitted to be done by STC, the STC Board, a member of the Board, an STC disputes committee, a member of an STC disputes committee or any person acting under the direction of STC or the Board does not, if the matter or thing was done or omitted in good faith for the purpose of executing this or any other Act, subject such a member or a person so acting personally to any action, liability, claim or demand.\n> \n> > (2) A decision made, or any act or thing done or omitted, by STC, the STC Board, a member of the Board, an STC disputes committee, a member of an STC disputes committee or any person acting under the direction of STC or the Board may not be called into question on any of the following grounds—\n> > \n> > > (a) an alleged conflict of interest because STC, the Board or the person is involved in administering different Acts or different superannuation schemes,\n> > \n> > > (b) that knowledge gained by STC, the Board or the person is or may be relevant to the exercise of a function under another such Act or scheme.\n> \n> > (3) Subsection (1) does not preclude STC from being subject to any action, liability, claim or demand. Any money becoming payable by STC in respect of an action, liability, claim or demand is to be paid out of an STC fund or funds as determined by STC.\n> \n> > (4) However, money is not payable under subsection (3) in circumstances in which a trustee may not be indemnified under the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> > (5), (6) (Repealed)\n> \n> **s 80:** Am 1998 No 144, Sch 1.5 \\[2\\]; 1999 No 6, Sch 1.6 \\[4\\]; 2005 No 52, Sch 7 \\[18\\].","sortOrder":47},{"sectionNumber":"80A","sectionType":"section","heading":"STC not to indemnify officers without Ministerial approval","content":"#### 80A STC not to indemnify officers without Ministerial approval\n\n80A STC not to indemnify officers without Ministerial approval\n\n> > (1) STC may indemnify a person who is or has been an officer of STC against a liability incurred as an officer of STC, or enter into an indemnity agreement, only with the written approval of the Minister.\n> \n> > (2) For the purposes of this section, an indemnity agreement means an agreement or arrangement (whether made by deed or otherwise), between STC and a person who is or has been an officer of STC, that contains any one or more of the following provisions—\n> > \n> > > (a) a provision that requires STC to indemnify the person against any liability incurred as an officer of STC,\n> > \n> > > (b) a provision that requires STC to maintain an insurance policy in respect of any liability incurred by the person as an officer of STC,\n> > \n> > > (c) a provision that requires STC to pay money to or on behalf of the person to assist in defending or responding to any claim, investigation or other proceedings relating to the person’s term of office as an officer of STC (including a provision that requires payment in advance of any liability being incurred by the person),\n> > \n> > > (d) a provision that confers on the person a right of access to documents held by STC, in any specified circumstances, in connection with any claim, investigation or other proceedings relating to the person’s term of office as an officer of STC.\n> \n> > (3) If an indemnity agreement is entered into by STC in accordance with the approval of the Minister under this section, STC may indemnify a person, as required by that agreement, without obtaining a further approval from the Minister.\n> \n> > (4) The approval of the Minister under this section—\n> > \n> > > (a) may be given generally or may be limited to a particular case or class of cases, and\n> > \n> > > (b) is subject to such conditions (if any) as are specified in the approval.\n> \n> > (5) In this section—\n> > \n> > officer of STC means the following—\n> > \n> > > (a) a member of the STC Board,\n> > \n> > > (b) the chief executive officer of STC.\n> \n> **s 80A:** Ins 2007 No 28, Sch 4 \\[1\\].","sortOrder":48},{"sectionNumber":"Division 5","sectionType":"division","heading":"Financial provisions","content":"## Division 5 Financial provisions\n\nDivision 5 Financial provisions","sortOrder":49},{"sectionNumber":"81","sectionType":"section","heading":"Amalgamation of funds and adjustment of accounts","content":"#### 81 Amalgamation of funds and adjustment of accounts\n\n81 Amalgamation of funds and adjustment of accounts\n\n> > (1) The STC funds amalgamated as one fund under the [Superannuation Administration Act 1991](/view/pdf/asmade/act-1991-96) continue to be amalgamated.\n> \n> > (2) STC is to maintain separate accounts in the amalgamated fund in relation to each STC scheme concerned.\n> \n> > (3) A reference in any provision of this Act or the regulations or any other Act or other instrument (other than this section) to an STC fund is taken to be a reference to that part of the amalgamated fund that is maintained for the purposes of the relevant STC scheme.\n> \n> > (4) STC may, at the request of an employer, from time to time adjust the amounts credited to the employer’s reserve in an account established under this section by debiting an amount and crediting that amount to the employer’s reserve in another account established in the amalgamated fund in relation to another STC scheme.\n> \n> > (5) STC may, at the request of the Treasurer, adjust the amounts credited to an employer’s reserve (being an employer for whom the Crown makes contributions to the amalgamated fund) in an account established under this section by debiting an amount and crediting that amount to the employer’s reserve, or the employer reserve of another employer for whom the Crown makes contributions to the amalgamated fund, in the same or another account established under this section.\n> \n> **s 81:** Am 1999 No 6, Sch 1.6 \\[5\\].","sortOrder":50},{"sectionNumber":"81A","sectionType":"section","heading":"Adjustment of employer reserves for surplus funds","content":"#### 81A Adjustment of employer reserves for surplus funds\n\n81A Adjustment of employer reserves for surplus funds\n\n> > (1) STC may, at the request of the Treasurer, debit all or part of the surplus funds from an employer reserve of a State sector employer and credit that amount to any one or more of the following—\n> > \n> > > (a) an employer reserve of that employer in an account maintained in relation to another STC scheme,\n> > \n> > > (b) the employer reserve of one or more other State sector employers in an account maintained in relation to the same or another STC scheme.\n> \n> > (2) STC may, at the request of an employer who is not a State sector employer and with the approval of the Treasurer, debit all or part of the surplus funds from the employer’s reserve and pay that amount to that employer.\n> \n> **s 81A:** Ins 2008 No 28, Sch 1 \\[6\\].","sortOrder":51},{"sectionNumber":"82","sectionType":"section","heading":"Re-establishment of separate funds and subsequent amalgamation","content":"#### 82 Re-establishment of separate funds and subsequent amalgamation\n\n82 Re-establishment of separate funds and subsequent amalgamation\n\n> > (1) STC may re-establish any of the STC funds as separate funds. On the re-establishment of the funds, section 81 (2) ceases to operate in relation to the funds, but without prejudice to the previous operation of that subsection.\n> \n> > (2) STC may amalgamate into one fund any 2 or more STC funds separated under this section. Section 81 (2) and (3) apply to any such amalgamated fund.","sortOrder":52},{"sectionNumber":"83","sectionType":"section","heading":"Powers of STC","content":"#### 83 Powers of STC\n\n83 Powers of STC\n\n> Without limiting the generality of sections 81 and 82, STC has power in New South Wales and elsewhere to do all things necessary and convenient to be done for, or in connection with, the re-establishment or amalgamation of a fund under this Division.","sortOrder":53},{"sectionNumber":"84","sectionType":"section","heading":"STC to maintain administration account","content":"#### 84 STC to maintain administration account\n\n84 STC to maintain administration account\n\n> STC must maintain an account called the STC Administration Account.","sortOrder":54},{"sectionNumber":"85","sectionType":"section","heading":"Administration costs generally","content":"#### 85 Administration costs generally\n\n85 Administration costs generally\n\n> > (1) STC must charge administration costs that it incurs (including the remuneration or allowances of members of the STC Board and the chief executive officer) against the STC Administration Account.\n> \n> > (2) The administration costs (including costs related to preserved benefits and investment management) that STC incurs in relation to the STC schemes are to be paid in accordance with this section to the STC Administration Account.\n> \n> > (3) The administration costs (including costs related to preserved benefits and investment management) that STC incurs in relation to the STC schemes are payable by employers and contributors or members and former contributors or former members under the STC schemes, in accordance with the Acts under which those schemes are established.\n> \n> > (4) If employees are employed by a group of employers, the costs are payable by the group of employers. If a contributor or member belongs or a former contributor or a former member belonged to a group of contributors or members which contributes to a scheme, the costs are payable by the group of contributors or members.\n> \n> > (5) The amount, the rate and the basis on which an employer, group of employers or contributor or member or former contributor or former member or group of contributors or members is required to pay is to be determined by STC from time to time.\n> \n> > (6) After calculating the appropriate amount or rate payable, STC may debit the appropriate account, fund or reserve in the relevant STC fund in accordance with this Division.\n> \n> > (7) (Repealed)\n> \n> **s 85:** Am 2008 No 28, Sch 1 \\[7\\].","sortOrder":55},{"sectionNumber":"86","sectionType":"section","heading":"Source of administration costs","content":"#### 86 Source of administration costs\n\n86 Source of administration costs\n\n> The administration costs (including costs relating to preserved benefits and investment management) payable in respect of an STC fund are to be paid in accordance with the Act under which the fund is established or, if the Act makes no provision, from the reserves or accounts established in the fund determined for the purposes of this section by STC.","sortOrder":56},{"sectionNumber":"87","sectionType":"section","heading":"Financial year of STC","content":"#### 87 Financial year of STC\n\n87 Financial year of STC\n\n> > (1) The financial year of STC is the year commencing on 1 July.\n> \n> > (2) However, the financial year of STC is to be the annual reporting period (if any) for STC if the Treasurer has made a determination under section 2.10 of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055) for that period to be different from the period referred to in subsection (1).\n> \n> **s 87:** Am 2018 No 70, Sch 4.97\\[4\\].","sortOrder":57},{"sectionNumber":"Division 6","sectionType":"division","heading":"Miscellaneous","content":"## Division 6 Miscellaneous\n\nDivision 6 Miscellaneous","sortOrder":58},{"sectionNumber":"88","sectionType":"section","heading":"Appeals","content":"#### 88 Appeals\n\n88 Appeals\n\n> > (1) A person aggrieved by a determination of STC or an STC disputes committee under section 67 (relating to determination of disputes) may appeal against the determination to the Industrial Relations Commission in Court Session (the Commission).\n> \n> > (2) The appeal must be made within 6 months after the appellant is notified of the determination or within such further period as the Commission allows.\n> \n> > (3) In dealing with the appeal, the Commission may exercise any function that could have been exercised by STC or the STC disputes committee, as the case may be, in making the determination the subject of the appeal.\n> \n> > (4) In dealing with the appeal, the Commission is to have regard to this Act and any other relevant provisions regulating the superannuation scheme concerned and such other matters as it considers to be relevant.\n> \n> > (5) In dealing with the appeal, the Commission is not bound by the rules of evidence and may inform itself in any manner it thinks fit.\n> \n> > (6) The final determination made by the Commission on the appeal is to be given effect to as if it were a determination of STC.\n> \n> **s 88:** Am 2005 No 52, Sch 7 \\[19\\]–\\[21\\]; 2016 No 48, Sch 2.33 \\[1\\] \\[2\\]; 2023 No 41, Sch 2.31\\[1\\] \\[2\\].","sortOrder":59},{"sectionNumber":"89","sectionType":"section","heading":"STC Board must report events affecting functions","content":"#### 89 STC Board must report events affecting functions\n\n89 STC Board must report events affecting functions\n\n> > (1) If the STC Board becomes aware of the occurrence of an event, or of a change in circumstances, having a significant adverse effect on the exercise of the functions of STC, the Board must give written notice to the Minister setting out particulars of the event or change in circumstances.\n> \n> > (2) The STC Board must give the notice no later than the third business day after becoming aware of the event or change in circumstances.\n> \n> > (3) Without limiting subsection (1), the STC Board must give written notice of an event if, as a result of the event, STC will not, or may not, be able to make payments to beneficiaries as and when the obligation to make those payments arises.","sortOrder":60},{"sectionNumber":"90","sectionType":"section","heading":"Provision of information to relevant Ministers","content":"#### 90 Provision of information to relevant Ministers\n\n90 Provision of information to relevant Ministers\n\n> > (1) STC must furnish to the Minister administering this Act or the Minister administering the STC fund Acts such information relating to the general administration and operation of the STC schemes and the STC funds as the Minister concerned may from time to time require.\n> \n> > (2) Despite subsection (1), STC must not furnish information relating to an individual member of an STC scheme to a Minister under this section, except with the member’s consent.\n> \n> > (3) In this section, STC fund Acts mean the Acts referred to in the definition of STC fund in section 4.\n> \n> **s 90:** Am 2004 No 10, Sch 1 \\[17\\]–\\[20\\].","sortOrder":61},{"sectionNumber":"90A","sectionType":"section","heading":null,"content":"#### 90A\n\n90A (Repealed)","sortOrder":62},{"sectionNumber":"91","sectionType":"section","heading":"Accounts and records of STC","content":"#### 91 Accounts and records of STC\n\n91 Accounts and records of STC\n\n> > (1) STC, or any person with whom STC makes a contract or an arrangement, may maintain accounts and other records relating to the STC schemes or any other related functions in or on any medium, or combination of media, capable of recording information and may, from time to time, vary the manner or form in which those accounts or other records are maintained.\n> \n> > (2) Subsection (1) is subject to the terms of any contract or arrangement referred to in that subsection.","sortOrder":64},{"sectionNumber":"92","sectionType":"section","heading":"Service of documents","content":"#### 92 Service of documents\n\n92 Service of documents\n\n> > (1) A document may be served on STC by leaving it at, or by sending it by post to—\n> > \n> > > (a) the office of STC, or\n> > \n> > > (b) if it has more than one office, any one of its offices.\n> \n> > (2) Nothing in this section affects the operation of any provision of a law or of the rules of a court authorising a document to be served on STC in any other manner.","sortOrder":65},{"sectionNumber":"93","sectionType":"section","heading":"Proof of certain matters not required","content":"#### 93 Proof of certain matters not required\n\n93 Proof of certain matters not required\n\n> In any legal proceedings, proof is not required (until evidence is given to the contrary) of—\n> \n> > (a) the constitution of the STC Board, or\n> \n> > (b) any resolution of the STC Board, or\n> \n> > (c) the appointment of, or the holding of office by, any member of the STC Board, or\n> \n> > (d) the presence or nature of a quorum at any meeting of the STC Board, or\n> \n> > (e) the delegation of the STC dispute function to an STC disputes committee, or\n> \n> > (f) the appointment of, or the holding of office by, any member of an STC disputes committee.\n> \n> **s 93:** Am 2005 No 52, Sch 7 \\[22\\].","sortOrder":66},{"sectionNumber":"94","sectionType":"section","heading":"Recovery of amounts payable by STC","content":"#### 94 Recovery of amounts payable by STC\n\n94 Recovery of amounts payable by STC\n\n> > (1) Any charge, fee or money due to STC may be recovered by STC as a debt in a court of competent jurisdiction.\n> \n> > (2) Without limiting subsection (1), STC may recover any money owing to it under this or any other Act, together with interest on the money, as a debt in a court of competent jurisdiction.\n> \n> > (3) Interest at a rate from time to time determined by STC is payable on any amount of money owing to it under this or any other Act calculated from the date on which the amount became due for payment until the date on which the amount is recovered or is otherwise paid.","sortOrder":67},{"sectionNumber":"95","sectionType":"section","heading":"Seal of STC","content":"#### 95 Seal of STC\n\n95 Seal of STC\n\n> The seal of STC is to be kept by the chief executive officer of STC and may be affixed to a document only—\n> \n> > (a) in the presence of the chief executive officer or a member of staff of STC authorised in that behalf by the chief executive officer, and\n> \n> > (b) with an attestation by the signature of the chief executive officer or that member of the fact of the affixing of the seal.","sortOrder":68},{"sectionNumber":"Part 4","sectionType":"part","heading":"Monitoring STC","content":"# Part 4 Monitoring STC\n\nPart 4 Monitoring STC\n\n**pt 4, hdg:** Rep 1999 No 5, Sch 4 \\[9\\]. Ins 2004 No 10, Sch 1 \\[22\\]. Am 2005 No 91, Sch 2.2 \\[6\\].\n\n**pt 4:** Rep 1999 No 5, Sch 4 \\[9\\]. Ins 2004 No 10, Sch 1 \\[22\\].\n\n**pt 4, div 1:** Rep 1999 No 5, Sch 4 \\[9\\].","sortOrder":69},{"sectionNumber":"96","sectionType":"section","heading":"Definition","content":"#### 96 Definition\n\n96 Definition\n\n> In this Part—\n> \n> authorised person means a person appointed in writing by the Minister as an authorised person for the purposes of this Part.\n> \n> **s 96:** Rep 1999 No 5, Sch 4 \\[9\\]. Ins 2004 No 10, Sch 1 \\[22\\]. Am 2005 No 52, Sch 7 \\[23\\]; 2005 No 91, Sch 2.2 \\[7\\].","sortOrder":70},{"sectionNumber":"97","sectionType":"section","heading":"Information to be given to Minister and authorised persons","content":"#### 97 Information to be given to Minister and authorised persons\n\n97 Information to be given to Minister and authorised persons\n\n> > (1) The Minister or an authorised person may, by written notice to STC, require STC, within a specified period, to give to the Minister or authorised person in relation to a specified year of income the information, or a report on matters, specified in the notice.\n> \n> > (2) STC must comply with any notice given to it under subsection (1).\n> > \n> > Maximum penalty—50 penalty units.\n> \n> > (3) The information or report required to be provided under subsection (1) must relate to STC’s exercise of its functions.\n> \n> > (4) If STC gives information or a report to the Minister or authorised person as required by this section, the Minister or authorised person must give to STC a written statement that the information or report has been received.\n> \n> **s 97:** Rep 1999 No 5, Sch 4 \\[9\\]. Ins 2004 No 10, Sch 1 \\[22\\]. Am 2005 No 91, Sch 2.2 \\[8\\]–\\[11\\].","sortOrder":71},{"sectionNumber":"98","sectionType":"section","heading":"Minister and authorised persons may require production of books","content":"#### 98 Minister and authorised persons may require production of books\n\n98 Minister and authorised persons may require production of books\n\n> > (1) The Minister or an authorised person may, by written notice to STC, require STC to produce to the Minister or authorised person, at a reasonable time and reasonable place specified in the notice, any books relating to the affairs of STC.\n> \n> > (2) STC must comply with a requirement referred to in subsection (1).\n> > \n> > Maximum penalty—50 penalty units.\n> \n> > (3) The Minister or an authorised person may inspect, take extracts from and make copies of any book, or of any version of any book, produced to the Minister or authorised person under this section.\n> \n> **s 98:** Rep 1999 No 5, Sch 4 \\[9\\]. Ins 2004 No 10, Sch 1 \\[22\\]. Am 2005 No 91, Sch 2.2 \\[8\\]–\\[10\\] \\[12\\].","sortOrder":72},{"sectionNumber":"99","sectionType":"section","heading":"Access to premises","content":"#### 99 Access to premises\n\n99 Access to premises\n\n> > (1) An authorised person may, for the purpose of monitoring the exercise by STC of its functions under this Act—\n> > \n> > > (a) enter, at any reasonable time, any premises, other than any part of premises used for residential purposes, at which the authorised person has reason to believe books relating to the affairs of STC are kept, and\n> > \n> > > (b) inspect any book found on the premises that relates to those affairs or that the authorised person believes on reasonable grounds to relate to those affairs, and\n> > \n> > > (c) make copies of, or take extracts from, any such book.\n> \n> > (2) The power of entry conferred by subsection (1) may only be exercised while business is being carried on, or during the hours that business is usually carried on, at or from the premises.\n> \n> **s 99:** Rep 1999 No 5, Sch 4 \\[9\\]. Ins 2004 No 10, Sch 1 \\[22\\]. Am 2005 No 91, Sch 2.2 \\[9\\] \\[13\\].","sortOrder":73},{"sectionNumber":"100","sectionType":"section","heading":null,"content":"#### 100\n\n100–118 (Repealed)","sortOrder":74},{"sectionNumber":"Part 5","sectionType":"part","heading":"Offences and remedies relating to officers","content":"# Part 5 Offences and remedies relating to officers\n\nPart 5 Offences and remedies relating to officers\n\n**pt 5, hdg:** Subst 2022 No 63, Sch 3.1\\[1\\].\n\n**pt 5, div 1, hdg:** Rep 2022 No 63, Sch 3.1\\[2\\].","sortOrder":76},{"sectionNumber":"119","sectionType":"section","heading":"Duties and liabilities of persons involved in management","content":"#### 119 Duties and liabilities of persons involved in management\n\n119 Duties and liabilities of persons involved in management\n\n> > (1) An officer must act honestly in the exercise of powers, and discharge of functions, as an officer of STC.\n> > \n> > Maximum penalty—\n> > \n> > > (a) if the contravention is committed with intent to deceive or defraud STC, creditors of STC or creditors of another person or for another fraudulent purpose—500 penalty units or imprisonment for 5 years, or\n> > \n> > > (b) in any other case—100 penalty units.\n> \n> > (2) In the exercise of powers and the discharge of functions, an officer must exercise the degree of care and diligence that a reasonable person in a like position would exercise in the same circumstances.\n> > \n> > Maximum penalty—100 penalty units.\n> \n> > (3) An officer, or a person who has been an officer, must not make improper use of information acquired because of his or her position as an officer—\n> > \n> > > (a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or\n> > \n> > > (b) to cause detriment to STC.\n> > \n> > Maximum penalty—500 penalty units or imprisonment for 5 years.\n> \n> > (4) An officer must not make improper use of his or her position as an officer—\n> > \n> > > (a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or\n> > \n> > > (b) to cause detriment to STC.\n> > \n> > Maximum penalty—500 penalty units or imprisonment for 5 years.\n> \n> > (5) In this section—\n> > \n> > officer means the chief executive officer of STC, a member of the STC Board or another person who is concerned, or takes part, in STC’s management.\n> \n> > (6), (7) (Repealed)\n> \n> **s 119:** Am 1999 No 5, Sch 4 \\[10\\]; 2004 No 10, Sch 1 \\[23\\] \\[24\\]; 2005 No 91, Sch 2.2 \\[8\\] \\[9\\] \\[12\\] \\[14\\]–\\[16\\].","sortOrder":77},{"sectionNumber":"120","sectionType":"section","heading":"Recovery of profits from officers","content":"#### 120 Recovery of profits from officers\n\n120 Recovery of profits from officers\n\n> > (1) If a person contravenes section 119, STC may recover from the person as a debt due to STC—\n> > \n> > > (a) if the person or another person made a profit because of the contravention—an amount equal to the profit, and\n> > \n> > > (b) if STC suffered loss or damage because of the contravention—an amount equal to the loss or damage.\n> \n> > (2) An amount may be recovered from the person under this section whether or not the person has been convicted of an offence in relation to the contravention.\n> \n> > (3) This section is in addition to, and does not limit, the [Confiscation of Proceeds of Crime Act 1989](/view/html/inforce/current/act-1989-090).\n> \n> **s 120:** Am 2005 No 91, Sch 2.2 \\[12\\] \\[17\\].","sortOrder":78},{"sectionNumber":"121","sectionType":"section","heading":"Contraventions of trustee duties","content":"#### 121 Contraventions of trustee duties\n\n121 Contraventions of trustee duties\n\n> > (1) A person (other than STC) who suffers loss or damage as a result of conduct of another person who was engaged in a contravention of, or failed to comply with, section 51 or 73 may recover the amount of the loss or damage by action against that other person or any other person knowingly involved in the contravention.\n> \n> > (2) An action under this section may be begun at any time within 6 years after the day on which the cause of action arose.\n> \n> > (3) For the purposes of this section, a person is knowingly involved in a contravention if, and only if, the person—\n> > \n> > > (a) has aided, abetted, counselled or procured the contravention, or\n> > \n> > > (b) has induced, whether by threats or promises or otherwise, the contravention, or\n> > \n> > > (c) has been in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the contravention, or\n> > \n> > > (d) has conspired with others to effect the contravention.\n> \n> **s 121:** Am 2005 No 91, Sch 2.2 \\[18\\] \\[19\\].","sortOrder":79},{"sectionNumber":"122","sectionType":"section","heading":"Defence relating to investment strategy","content":"#### 122 Defence relating to investment strategy\n\n122 Defence relating to investment strategy\n\n> It is a defence to an action under section 121 for loss or damage suffered by a person as a result of the making of an investment by or on behalf of STC if the defendant establishes that the investment was made in accordance with an investment strategy formulated in accordance with this Act.\n> \n> **s 122:** Am 2005 No 91, Sch 2.2 \\[20\\].","sortOrder":80},{"sectionNumber":"123","sectionType":"section","heading":"Defence relating to management of reserves","content":"#### 123 Defence relating to management of reserves\n\n123 Defence relating to management of reserves\n\n> It is a defence to an action under section 121 for loss or damage suffered by a person as a result of the management of any reserves by STC if the defendant establishes that the management of the reserves was in accordance with a reserves strategy formulated in accordance with this Act.\n> \n> **s 123:** Am 2005 No 91, Sch 2.2 \\[20\\].\n> \n> **pt 5, div 2, hdg:** Renumbered as Part 6, 2022 No 63, Sch 3.1\\[3\\].","sortOrder":81},{"sectionNumber":"124","sectionType":"section","heading":"Defences relating generally to actions arising from breach of duties","content":"#### 124 Defences relating generally to actions arising from breach of duties\n\n124 Defences relating generally to actions arising from breach of duties\n\n> > (1) It is a defence to an action under section 121 for loss or damage suffered by a person if the defendant establishes that—\n> > \n> > > (a) the contravention was due to reasonable mistake, or\n> > \n> > > (b) the contravention was due to reasonable reliance on information supplied by another person, or\n> > \n> > > (c) the contravention was due to the act or default of another person, or an accident, or some other cause beyond the person’s control and that the defendant took reasonable precautions and exercised due diligence to avoid the contravention.\n> \n> > (2) For the purposes of subsection (1) (b), a reference to another person does not include a reference to a person who was, when the contravention occurred, an employee or agent of the defendant or, if the defendant is a corporation, a director, employee or agent of the defendant.\n> \n> > (3) A defendant is not entitled to rely on a defence under subsection (1) that a contravention was due to reliance on information supplied by another person or the act or default of another person unless—\n> > \n> > > (a) the court grants leave, or\n> > \n> > > (b) the defendant has, not later than 7 days before the day on which the hearing of the proceedings begins, served on the person bringing the action a written notice containing information that—\n> > > \n> > > > (i) identifies, or would assist to identify, the other person, and\n> > > \n> > > > (ii) was in the defendant’s possession at the time of the contravention.","sortOrder":82},{"sectionNumber":"Part 6","sectionType":"part","heading":"Public sector schemes","content":"# Part 6 Public sector schemes\n\nPart 6 Public sector schemes","sortOrder":83},{"sectionNumber":"125","sectionType":"section","heading":"Additional State public sector superannuation schemes","content":"#### 125 Additional State public sector superannuation schemes\n\n125 Additional State public sector superannuation schemes\n\n> > (1) The Minister may approve the preparation of a trust deed providing for a superannuation scheme (a trust deed scheme) for the benefit of any one or more of the following—\n> > \n> > > (a) State public sector employees,\n> > \n> > > (b) a class or classes of State public sector employees (including employees of a local authority or a public authority),\n> > \n> > > (c) employees, or a class or classes of employees, or former employees, of employers or former employers under STC schemes,\n> > \n> > > (d) other employees, or a class or classes of other employees, approved by the Minister,\n> > \n> > > (e) local government councillors or a class or classes of local government councillors,\n> > \n> > > (f) spouses or de facto partners of persons referred to in paragraphs (a)–(e), or a class or classes of such spouses or de facto partners.\n> > \n> > Note.\n> > \n> > “De facto partner” is defined in section 21C of the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015).\n> \n> > (1A) The Minister may approve the extension of the application of a trust deed scheme to additional persons or classes of persons, being persons or a class or classes of persons of a kind referred to in subsection (1).\n> \n> > (2) The trust deed may reflect the provisions of any other superannuation schemes, whether established by or under an Act, and may apply different provisions and benefits to different persons, according to the entitlements of the persons under existing State public sector superannuation schemes.\n> \n> > (3) Further arrangements may be made for the incorporation of a body to be the trustee of the proposed trust deed scheme.\n> \n> > (4) The trust deed must include provisions to ensure that a right that a contributor to, or a member of, the scheme it establishes has immediately before the deed takes effect is not removed or restricted. The rules included in the deed may, however, confer additional rights on a contributor or member.\n> \n> > (5) The trust deed must be consistent with the requirements of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth for a regulated fund within the meaning of that Act and any trustee must satisfy the requirements of that Act for a trustee.\n> \n> > (6) Before approving the preparation of a trust deed under this section, the Minister must consult with Unions NSW.\n> \n> > (7) A trust deed approved under this section having effect immediately before the commencement of Part 4 of Schedule 3 to the [Rural Fires Act 1997](/view/html/inforce/current/act-1997-065) and that relates to employees associated with or involved in local government activities is taken, subject to the regulations, to extend to any such employee who is a transferred officer within the meaning of that Part.\n> > \n> > Note.\n> > \n> > The employees concerned are certain fire control officers, deputy fire control officers and designated fire control officers who were employed by local government authorities before being transferred under the [Rural Fires Act 1997](/view/html/inforce/current/act-1997-065) to the Department of Rural Fire Services.\n> \n> > (8) In this section—\n> > \n> > local government councillor means a councillor within the meaning of the [Local Government Act 1993](/view/html/inforce/current/act-1993-030).\n> \n> **s 125 (previously s 127):** Am 1997 No 42, Sch 1.9 \\[4\\]; 2000 No 104, Sch 2.3; 2001 No 98, Sch 3 \\[1\\] \\[2\\]; 2005 No 64, Sch 2.54 \\[1\\]; 2005 No 91, Sch 2.2 \\[20\\]; 2006 No 121, Sch 1 \\[3\\]–\\[5\\]; 2010 No 19, Sch 3.107 \\[1\\] \\[2\\]. Renumbered 2022 No 63, Sch 3.1\\[5\\].","sortOrder":84},{"sectionNumber":"126","sectionType":"section","heading":"Provisions consequent on establishment of additional superannuation schemes","content":"#### 126 Provisions consequent on establishment of additional superannuation schemes\n\n126 Provisions consequent on establishment of additional superannuation schemes\n\n> > (1) Regulations may be made for or with respect to the following matters, in relation to the establishment of a superannuation scheme by a trust deed as referred to in section 125—\n> > \n> > > (a) the transfer of members of, or contributors to, an STC scheme from that scheme to the new superannuation scheme,\n> > \n> > > (b) the rights of persons who are eligible to become members of the new superannuation scheme to remain as members of, or contributors to, an STC scheme,\n> > \n> > > (c) the transfer of assets and liabilities of an STC scheme, in respect of transferred members or contributors or former members or contributors, to the new superannuation scheme,\n> > \n> > > (d) the payment of pensions and other benefits in respect of former members of, or former contributors to, an STC scheme under the new superannuation scheme,\n> > \n> > > (e) the funds and reserves to be established in respect of the new superannuation scheme,\n> > \n> > > (f) the preservation or deferral of benefits of persons transferring to the new superannuation scheme,\n> > \n> > > (g) the entitlements, rights and obligations of a member of, or contributor to, an STC scheme who joins the new superannuation scheme,\n> > \n> > > (h) the provision of services in relation to the new superannuation scheme by SAC (or its successors),\n> > \n> > > (i) the deeming of employers to be no longer employers under an STC scheme where all the relevant employees are transferred from the STC scheme to the new superannuation scheme.\n> \n> > (2) A regulation made under this section has effect despite any provision of an Act under which an STC scheme is constituted.\n> \n> **s 126 (previously s 128):** Am 1998 No 144, Sch 2.6 \\[5\\]; 1999 No 5, Sch 4 \\[11\\]; 2004 No 10, Sch 1 \\[25\\]; 2005 No 91, Sch 2.2 \\[21\\] \\[22\\]. Renumbered 2022 No 63, Sch 3.1\\[5\\].","sortOrder":85},{"sectionNumber":"126A","sectionType":"section","heading":null,"content":"#### 126A\n\n126A (Repealed)","sortOrder":86},{"sectionNumber":"127","sectionType":"section","heading":"Provisions consequent on extension of superannuation schemes to additional persons","content":"#### 127 Provisions consequent on extension of superannuation schemes to additional persons\n\n127 Provisions consequent on extension of superannuation schemes to additional persons\n\n> > (1) Regulations may be made for or with respect to the following matters, in relation to the extension of the application of a superannuation scheme established under a trust deed approved by the Minister under section 125 (the trust deed scheme) to additional persons—\n> > \n> > > (a) the transfer of any such persons who are members or former members of, or contributors or former contributors to, an STC scheme from that scheme to the trust deed scheme,\n> > \n> > > (b) the rights of the persons (if any) to remain as members of, or contributors to, an STC scheme,\n> > \n> > > (c) the transfer of assets and liabilities of an STC scheme, in respect of any such persons who are transferred members or contributors or former members or contributors, to the trust deed scheme,\n> > \n> > > (d) the payment of pensions and other benefits in respect of any such persons who are former members of, or former contributors to, an STC scheme under the trust deed scheme,\n> > \n> > > (e) the preservation or deferral of benefits of persons transferring to the trust deed scheme,\n> > \n> > > (f) the entitlements, rights and obligations of any such persons who are members or former members of, or contributors or former contributors to, an STC scheme,\n> > \n> > > (g) liability for payment of employer contributions, benefits, insurance premiums or other employer superannuation liabilities payable during any period, or in respect of any period, during which a transfer option may be exercised (whether or not that option is exercised).\n> \n> > (2) A regulation made under this section has effect despite any provision of an Act under which an STC scheme is constituted.\n> \n> **s 127 (previously s 128B):** Ins 2001 No 98, Sch 3 \\[4\\]. Am 2005 No 52, Sch 7 \\[25\\]; 2005 No 91, Sch 2.2 \\[23\\]; 2005 No 98, Sch 2.57; 2006 No 121, Sch 1 \\[6\\]. Renumbered 2022 No 63, Sch 3.1\\[5\\].","sortOrder":88},{"sectionNumber":"Part 7","sectionType":"part","heading":"Successor funds","content":"# Part 7 Successor funds\n\nPart 7 Successor funds\n\n**pt 7:** Ins 2022 No 63, Sch 3.1\\[11\\].","sortOrder":89},{"sectionNumber":"127AA","sectionType":"section","heading":"Definitions","content":"#### 127AA Definitions\n\n127AA Definitions\n\n> In this Part—\n> \n> electricity industry superannuation scheme means the scheme established under a trust deed entered into by the Treasurer and Energy Industries Superannuation Scheme Pty Ltd, as trustee.\n> \n> local government superannuation scheme means the scheme established under a trust deed entered into by the Treasurer and LGSS Pty Ltd, as trustee.\n> \n> successor fund has the same meaning as in the [Superannuation Industry (Supervision) Regulations 1994](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> successor fund transfer means the transfer to a successor fund of—\n> \n> > (a) the benefits of members, and\n> \n> > (b) the assets and liabilities supporting the benefits.\n> \n> **s 127AA:** Ins 2022 No 63, Sch 3.1\\[11\\].","sortOrder":90},{"sectionNumber":"127A","sectionType":"section","heading":"Transfers from STC schemes to successor funds","content":"#### 127A Transfers from STC schemes to successor funds\n\n127A Transfers from STC schemes to successor funds\n\n> > (1) The Minister may, at the request of STC, approve the transfer of part of the benefits of all or some members of an STC scheme to a successor fund.\n> \n> > (2) The Minister must not approve the transfer of a part of the benefit of a member of an STC scheme if that part consists of or includes a defined benefit interest within the meaning of the [Superannuation Industry (Supervision) Regulations 1994](http://www.legislation.gov.au/) of the Commonwealth.\n> \n> > (3) The Minister must not approve a transfer unless the Minister is satisfied that the transfer complies with the requirements of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth and any regulations or other instruments under that Act that would apply to the transfer to a successor fund if the STC scheme was not an exempt public sector superannuation scheme under that Act.\n> \n> > (4) Without limiting subsection (3), the trust deed of any successor fund must include provisions to ensure that a right that a contributor to, or a member of, the STC scheme had immediately before the transfer to the successor fund is not removed or restricted. The rules included in the deed may, however, confer additional rights on a contributor or member.\n> \n> > (5) Regulations may be made for or with respect to the following matters, in relation to a transfer to a successor fund—\n> > \n> > > (a) the transfer of benefits of members of, or contributors to, an STC scheme from that scheme to the successor fund,\n> > \n> > > (b) the transfer of assets and liabilities of an STC scheme, in respect of transferred benefits of members or contributors or former members or contributors, to the successor fund,\n> > \n> > > (c) the payment of benefits transferred to the successor fund,\n> > \n> > > (d) the funds and reserves to be established in respect of the successor fund,\n> > \n> > > (e) the preservation or deferral of benefits transferred to the successor fund,\n> > \n> > > (f) the entitlements, rights and obligations of a member of, or contributor to, an STC scheme whose benefit is transferred to the successor fund,\n> > \n> > > (g) the deeming of employers to be no longer employers under an STC scheme where all the benefits of the relevant employees are transferred from the STC scheme to the successor fund.\n> \n> **s 127A:** Ins 2015 No 53, Sch 1 \\[15\\]. Am 2022 No 63, Sch 3.1\\[12\\].","sortOrder":91},{"sectionNumber":"127B","sectionType":"section","heading":"Transfers from EISS and LGSS to successor funds","content":"#### 127B Transfers from EISS and LGSS to successor funds\n\n127B Transfers from EISS and LGSS to successor funds\n\n> > (1) The regulations may provide for successor fund transfers from the following (a former scheme)—\n> > \n> > > (a) the electricity industry superannuation scheme,\n> > \n> > > (b) the local government superannuation scheme.\n> \n> > (2) Regulations may be made about the following in relation to a successor fund transfer under this section—\n> > \n> > > (a) transferring benefits of members,\n> > \n> > > (b) transferring assets and liabilities,\n> > \n> > > (c) paying transferred benefits,\n> > \n> > > (d) establishing funds and reserves in relation to the successor fund,\n> > \n> > > (e) preserving or deferring transferred benefits,\n> > \n> > > (f) the entitlements, rights and obligations of a member whose benefit is transferred,\n> > \n> > > (g) deeming employers—\n> > > \n> > > > (i) to be no longer employers under the former scheme, and\n> > > \n> > > > (ii) to be employers under the successor fund,\n> > \n> > > (h) requiring employers—\n> > > \n> > > > (i) to be bound by the trust deed of the successor fund, and\n> > > \n> > > > (ii) to make payments and contributions to the successor fund.\n> \n> > (3) The Minister must not recommend the making of a regulation under this section in relation to a successor fund transfer before the successor fund transfer has occurred unless the Minister is satisfied the trustees of the former scheme and the successor fund agree the transfer will comply with—\n> > \n> > > (a) the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth, and\n> > \n> > > (b) the regulations or other instruments under that Act.\n> \n> > (4) The Minister must not recommend the making of a regulation under this section in relation to a successor fund transfer after the successor fund transfer has occurred unless the Minister is satisfied the regulation corrects an error.\n> \n> **s 127B:** Ins 2022 No 63, Sch 3.1\\[13\\].","sortOrder":92},{"sectionNumber":"128","sectionType":"section","heading":"Mobility between public sector schemes and successor funds","content":"#### 128 Mobility between public sector schemes and successor funds\n\n128 Mobility between public sector schemes and successor funds\n\n> > (1) An employee has a right to transfer from an STC scheme to a successor fund if the employee—\n> > \n> > > (a) is a member of or contributor to an STC scheme because of employment with a public sector employer prescribed by the regulations, and\n> > \n> > > (b) subsequently transfers employment to an employer that is responsible for the payment of benefits in respect of a successor fund, and\n> > \n> > > (c) meets the eligibility requirements prescribed by the regulations.\n> \n> > (2) An employee has a right to transfer from a successor fund (the current successor fund) to an STC scheme if—\n> > \n> > > (a) the employee was previously a member of or contributed to the STC scheme, and\n> > \n> > > (b) the employee has transferred—\n> > > \n> > > > (i) directly from the STC scheme to the current successor fund, or\n> > > \n> > > > (ii) from the STC scheme to the current successor fund by way of other successor funds or relevant schemes, and\n> > \n> > > (c) each transfer was—\n> > > \n> > > > (i) in accordance with regulations made under this Part or Part 6, or\n> > > \n> > > > (ii) by the exercise of an option under this Act or another Act establishing an STC scheme, and\n> > \n> > > (d) the employee subsequently transfers employment from an employer that is responsible for the payment of benefits in respect of the current successor fund to a public sector employer prescribed by the regulations, and\n> > \n> > > (e) the employee meets the eligibility requirements prescribed by the regulations.\n> \n> > (3) In this section—\n> > \n> > relevant scheme means—\n> > \n> > > (a) the electricity industry superannuation scheme, or\n> > \n> > > (b) the local government superannuation scheme\n> \n> **s 128:** Ins 2022 No 63, Sch 3.1\\[13\\].","sortOrder":93},{"sectionNumber":"128A","sectionType":"section","heading":"Regulations about mobility between funds","content":"#### 128A Regulations about mobility between funds\n\n128A Regulations about mobility between funds\n\n> > (1) Regulations may be made about the following—\n> > \n> > > (a) the eligibility requirements for an employee to exercise a right of transfer under section 128 (a transfer option),\n> > \n> > > (b) the circumstances in which a transfer of employment is taken to have occurred for the purposes of a transfer option,\n> > \n> > > (c) how a transfer option may be exercised, including the way, form and time for exercising the option,\n> > \n> > > (d) the terms and conditions to which the employee’s membership of the fund is subject once the employee exercises a transfer option,\n> > \n> > > (e) the transfer of assets and liabilities between funds in relation to an employee who exercises a transfer option,\n> > \n> > > (f) the resolution by a person or body of disputes relating to the exercise of a transfer option,\n> > \n> > > (g) the payment of employer superannuation liabilities, including—\n> > > \n> > > > (i) employer contributions, and\n> > > \n> > > > (ii) benefits, and\n> > > \n> > > > (iii) insurance premiums.\n> \n> > (2) Regulations may also be made about the rights and obligations of the employee and associated beneficiaries, in relation to the employee’s membership of or contributions to the fund from which the employee is transferred under the transfer option, including—\n> > \n> > > (a) the preservation or deferral of a benefit in the fund, and\n> > \n> > > (b) the calculation of the preserved or deferred benefit, and\n> > \n> > > (c) the payment of the benefit to the fund to which the employee is transferred despite—\n> > > \n> > > > (i) a minimum qualifying period of membership, or\n> > > \n> > > > (ii) another limit of the fund that would otherwise prevent or restrict the preservation or deferral of the benefit.\n> \n> > (3) A regulation made under this section may confer a transfer option even if the relevant transfer of employment took place before the regulation commenced.\n> \n> **s 128A:** Ins 2022 No 63, Sch 3.1\\[13\\].","sortOrder":94},{"sectionNumber":"128B","sectionType":"section","heading":"Part has effect despite other Acts and trust deeds","content":"#### 128B Part has effect despite other Acts and trust deeds\n\n128B Part has effect despite other Acts and trust deeds\n\n> This Part, including regulations made under this Part, has effect despite any provision of—\n> \n> > (a) an Act under which an STC scheme is constituted, or\n> \n> > (b) the trust deeds constituting the following—\n> > \n> > > (i) the electricity industry superannuation scheme,\n> > \n> > > (ii) the local government superannuation scheme,\n> > \n> > > (iii) a successor fund.\n> \n> **s 128B:** Ins 2022 No 63, Sch 3.1\\[13\\].","sortOrder":95},{"sectionNumber":"Part 8","sectionType":"part","heading":"Miscellaneous","content":"# Part 8 Miscellaneous\n\nPart 8 Miscellaneous\n\n**pt 8:** Ins 2022 No 63, Sch 3.1\\[14\\].","sortOrder":96},{"sectionNumber":"128C","sectionType":"section","heading":"Conversion of FSS Trustee Corporation into proprietary company","content":"#### 128C Conversion of FSS Trustee Corporation into proprietary company\n\n128C Conversion of FSS Trustee Corporation into proprietary company\n\n> Schedule 2A has effect.\n> \n> **s 128C:** Ins 2005 No 91, Sch 1.2 \\[1\\].","sortOrder":97},{"sectionNumber":"129","sectionType":"section","heading":"Regulations","content":"#### 129 Regulations\n\n129 Regulations\n\n> > (1) The Governor may make regulations, not inconsistent with this Act, for or with respect to any matter that by this Act is required or permitted to be prescribed or that is necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n> \n> > (2) In particular, the regulations may make provision for or with respect to—\n> > \n> > > (a) the administration of the funds and accounts maintained under this Act and the Acts under which the STC schemes are established,\n> > \n> > > (b) the procedure of the STC board.\n> \n> **s 129:** Am 1999 No 5, Sch 4 \\[12\\]; 2005 No 91, Sch 2.2 \\[24\\] \\[25\\].","sortOrder":98},{"sectionNumber":"129A","sectionType":"section","heading":"Prudential standards or reporting and auditing requirements","content":"#### 129A Prudential standards or reporting and auditing requirements\n\n129A Prudential standards or reporting and auditing requirements\n\n> > (1) The Minister may, by order published in the Gazette, declare that prudential standards, or reporting and auditing requirements, specified or described in the order are standards or requirements that apply to STC in the exercise of any principal function of STC described in the order.\n> \n> > (2) Before making an order under this section, the Minister is to consult STC on the proposed standards or requirements.\n> \n> > (3) An order under this section takes effect on the day specified in the order.\n> \n> > (4) STC, and any person carrying out a principal function on behalf of STC, must comply with any standard or requirement applied to STC under this section.\n> \n> **s 129A:** Ins 2015 No 53, Sch 1 \\[16\\].","sortOrder":99},{"sectionNumber":"129B","sectionType":"section","heading":"Act binds Crown","content":"#### 129B Act binds Crown\n\n129B Act binds Crown\n\n> This Act binds the Crown in right of New South Wales and, in so far as the legislative power of Parliament permits, the Crown in all its other capacities.\n> \n> **s 129B (previously s 125):** Renumbered 2022 No 63, Sch 3.1\\[4\\].","sortOrder":100},{"sectionNumber":"129C","sectionType":"section","heading":"Proceedings for offences","content":"#### 129C Proceedings for offences\n\n129C Proceedings for offences\n\n> > (1) Proceedings for an offence against this Act are to be dealt with summarily before—\n> > \n> > > (a) the Local Court, or\n> > \n> > > (b) the Supreme Court in its summary jurisdiction.\n> \n> > (2) The maximum penalty that may be imposed by the Local Court for an offence under this Act is 50 penalty units or imprisonment for 12 months, or both.\n> \n> **s 129C (previously s 126):** Am 2007 No 94, Schs 2, 4. Renumbered 2022 No 63, Sch 3.1\\[4\\].","sortOrder":101},{"sectionNumber":"130","sectionType":"section","heading":"Repeals","content":"#### 130 Repeals\n\n130 Repeals\n\n> The following Acts are repealed—\n> \n> > [Superannuation Administration Act 1991 No 96](/view/pdf/asmade/act-1991-96)\n> \n> > [Superannuation Administration Amendment Act 1995 No 29](/view/pdf/asmade/act-1995-29).","sortOrder":102},{"sectionNumber":"131","sectionType":"section","heading":"Savings and transitional provisions","content":"#### 131 Savings and transitional provisions\n\n131 Savings and transitional provisions\n\n> Schedule 3 has effect.","sortOrder":103},{"sectionNumber":"132","sectionType":"section","heading":null,"content":"#### 132\n\n132 (Repealed)","sortOrder":104},{"sectionNumber":"133","sectionType":"section","heading":"Review of Act","content":"#### 133 Review of Act\n\n133 Review of Act\n\n> > (1) The Minister is to review this Act to determine whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives.\n> \n> > (2) The review is to be undertaken as soon as possible after the period of 5 years from the date of assent to this Act.\n> \n> > (3) A report of the outcome of the review is to be tabled in each House of Parliament within 12 months after the end of the period of 5 years.","sortOrder":106},{"sectionNumber":"Schedule 1","sectionType":"schedule","heading":null,"content":"# Schedule 1\n\nSchedule 1 (Repealed)\n\n**sch 1:** Am 1999 No 94, sec 7 (3) and Sch 5, Part 3; 2004 No 10, Sch 1 \\[26\\] \\[27\\]. Rep 2005 No 91, Sch 2.2 \\[26\\].","sortOrder":107},{"sectionNumber":"Schedule 2","sectionType":"schedule","heading":"Provisions relating to STC Board","content":"# Schedule 2 Provisions relating to STC Board\n\nSchedule 2 Provisions relating to STC Board\n\n(Section 69)\n\n**sch 2:** Am 1999 No 94, sec 7 (3) and Sch 5, Part 3; 2004 No 10, Sch 1 \\[28\\] \\[29\\]; 2008 No 28, Sch 1 \\[8\\]; 2015 No 58, Sch 3.86 \\[3\\].","sortOrder":108},{"sectionNumber":"7","sectionType":"section","heading":"Filling of vacancy in office of member","content":"#### 7 Filling of vacancy in office of member\n\n7 Filling of vacancy in office of member\n\n> > (1) If the office of any member becomes vacant, the Minister must arrange for a suitably qualified person to be appointed to fill the vacancy in accordance with this Act within 60 days after the date on which the vacancy occurred.\n> \n> > (2) Subclause (1) does not apply if the term of office of the member concerned was due to expire within 60 days after the vacancy occurred.","sortOrder":117},{"sectionNumber":"8","sectionType":"section","heading":"Disclosure of pecuniary interests","content":"#### 8 Disclosure of pecuniary interests\n\n8 Disclosure of pecuniary interests\n\n> > (1) If—\n> > \n> > > (a) a member has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Board, and\n> > \n> > > (b) the interest appears to raise a conflict with the proper performance of the member’s duties in relation to the consideration of the matter,\n> > \n> > the member must, as soon as possible after the relevant facts have come to the member’s knowledge, disclose the nature of the interest at a meeting of the Board.\n> \n> > (2) A disclosure by a member at a meeting of the Board that the member—\n> > \n> > > (a) is a member, or is in the employment, of a specified company or other body, or\n> > \n> > > (b) is a partner, or is in the employment, of a specified person, or\n> > \n> > > (c) has some other specified interest relating to a specified company or other body or to a specified person,\n> > \n> > is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body or to that person which may arise after the date of the disclosure and which is required to be disclosed under subclause (1).\n> \n> > (3) Particulars of any disclosure made under this clause must be recorded by the Board in a book kept for the purpose and that book must be open at all reasonable hours to inspection by any person on payment of the fee (if any) determined by the Board.\n> \n> > (4) After a member has disclosed the nature of any interest in any matter, the member must not, unless the Board otherwise determines—\n> > \n> > > (a) be present during any deliberation of the Board with respect to the matter, or\n> > \n> > > (b) take part in any decision of the Board with respect to the matter.\n> \n> > (5) For the purposes of the making of a determination by the Board under subclause (4), a member who has a direct or indirect pecuniary interest in a matter to which the disclosure relates must not—\n> > \n> > > (a) be present during any deliberation of the Board for the purpose of making the determination, or\n> > \n> > > (b) take part in the making by the Board of the determination.\n> \n> > (6) A contravention of this clause does not invalidate any decision of the Board.\n> \n> > (7) This clause does not apply to or in respect of an interest of a member in a matter or thing which arises merely because the member is a contributor to a superannuation scheme.","sortOrder":118},{"sectionNumber":"9","sectionType":"section","heading":"Effect of certain other Acts","content":"#### 9 Effect of certain other Acts\n\n9 Effect of certain other Acts\n\n> > (1) The provisions of the [Government Sector Employment Act 2013](/view/html/inforce/current/act-2013-040) relating to the employment of Public Service employees do not apply to a member.\n> \n> > (2) If by or under any Act provision is made—\n> > \n> > > (a) requiring a person who is the holder of a specified office to devote the whole of his or her time to the duties of that office, or\n> > \n> > > (b) prohibiting the person from engaging in employment outside the duties of that office,\n> > \n> > the provision does not operate to disqualify the person from holding that office and also the office of a member or from accepting and retaining any remuneration payable to the person under this Act as a member.\n> \n> > (3) The office of a member is not, for the purposes of any Act, an office or place of profit under the Crown.","sortOrder":119},{"sectionNumber":"10","sectionType":"section","heading":"General procedure","content":"#### 10 General procedure\n\n10 General procedure\n\n> The procedure for the calling of meetings of the Board and for the conduct of business at those meetings is, subject to this Act and the regulations, to be as determined by the Board.","sortOrder":121},{"sectionNumber":"11","sectionType":"section","heading":"Quorum","content":"#### 11 Quorum\n\n11 Quorum\n\n> The quorum for a meeting of the Board is 6 members, of whom at least one must be an employer representative and at least one must be an employee representative.","sortOrder":122},{"sectionNumber":"12","sectionType":"section","heading":"Presiding member","content":"#### 12 Presiding member\n\n12 Presiding member\n\n> > (1) A meeting of the Board is to be presided over by—\n> > \n> > > (a) the Chairperson, or\n> > \n> > > (b) in the absence of the Chairperson, a member elected by the members present at the meeting.\n> \n> > (2) The presiding member has a deliberative vote.","sortOrder":123},{"sectionNumber":"13","sectionType":"section","heading":"Voting","content":"#### 13 Voting\n\n13 Voting\n\n> A decision supported by two-thirds of the members of the Board is the decision of the Board.","sortOrder":124},{"sectionNumber":"14","sectionType":"section","heading":"Transaction of business otherwise than at ordinary meetings","content":"#### 14 Transaction of business otherwise than at ordinary meetings\n\n14 Transaction of business otherwise than at ordinary meetings\n\n> > (1) The Board may, if it thinks fit, transact any of its business by the circulation of papers among all the members for the time being. A resolution approved in writing by a two-thirds majority of those members is taken to be a decision of the Board.\n> \n> > (2) The Board may, if it thinks fit, transact any of its business at a meeting at which members (or some members) participate by telephone, closed circuit television or other means, but only if any member who speaks on a matter before the meeting can be heard by the other members.\n> \n> > (3) For the purposes of—\n> > \n> > > (a) the approval of a resolution under subclause (1), or\n> > \n> > > (b) a meeting held in accordance with subclause (2),\n> > \n> > the members have the same voting rights as they have at an ordinary meeting of the Board.\n> \n> > (4) Papers may be circulated among members for the purposes of subclause (1) by fax or other transmission of the information in the papers concerned.","sortOrder":125},{"sectionNumber":"15","sectionType":"section","heading":"First meeting","content":"#### 15 First meeting\n\n15 First meeting\n\n> The Minister may call the first meeting of the Board in such manner as the Minister thinks fit.","sortOrder":126},{"sectionNumber":"Schedule 2A","sectionType":"schedule","heading":"Conversion of FSS Trustee Corporation into proprietary company","content":"# Schedule 2A Conversion of FSS Trustee Corporation into proprietary company\n\nSchedule 2A Conversion of FSS Trustee Corporation into proprietary company\n\n(Section 128C)\n\n**sch 2A:** Ins 2005 No 91, Sch 1.2 \\[2\\]. Am 2023 No 7, Sch 3.28.","sortOrder":127},{"sectionNumber":"Schedule 3","sectionType":"schedule","heading":"Savings and transitional provisions","content":"# Schedule 3 Savings and transitional provisions\n\nSchedule 3 Savings and transitional provisions\n\n(Section 131)\n\n**sch 3:** Am 1996 No 121, Schs 1.23 \\[2\\]–\\[4\\], 4.54; 2001 No 98, Sch 3 \\[5\\] \\[6\\]; 2004 No 10, Sch 1 \\[30\\] \\[31\\]; 2004 No 55, Sch 3; 2005 No 52, Sch 7 \\[26\\] \\[27\\]; 2005 No 91, Sch 2.2 \\[27\\]; 2006 No 121, Sch 1 \\[7\\] \\[8\\]; 2007 No 28, Sch 4 \\[2\\] \\[3\\]; 2015 No 53, Sch 1 \\[17\\].","sortOrder":146},{"sectionNumber":"16","sectionType":"section","heading":"Transfer of staff from repealed bodies","content":"#### 16 Transfer of staff from repealed bodies\n\n16 Transfer of staff from repealed bodies\n\n> > (1) The Minister may, by order in writing, direct that a member of staff of the SAS Board is to be taken to be an employee of FTC or STC by virtue of this clause.\n> \n> > (2) The Minister may, by order in writing, direct that a member of staff of the PSES Board is to be taken to be an employee of FTC or STC by virtue of this clause.\n> \n> > (3) The Minister may, by order in writing, direct that a member of staff of the Corporation is to be taken to be an employee of SAA or AFMC by virtue of this clause.\n> \n> > (4) In this section, a reference to a member of staff includes a reference to an employee of another Government agency whose services are being made use of by virtue of the 1991 Act or the [Public Sector Executives Superannuation Act 1989](/view/pdf/asmade/act-1989-106).","sortOrder":164},{"sectionNumber":"17","sectionType":"section","heading":"Conditions of employment of transferred employees","content":"#### 17 Conditions of employment of transferred employees\n\n17 Conditions of employment of transferred employees\n\n> > (1) Except as otherwise provided by this Act or the regulations, the terms and conditions of employment of a transferred employee (including conditions as to remuneration and duration of employment) are to be the same as they were immediately before the commencement of the relevant order under clause 16 and are to continue to have effect.\n> \n> > (2) Neither the contract of employment nor the period of employment of each transferred employee is taken to have been broken by the operation of this Act for the purposes of any law, award or agreement relating to the employment of that employee.\n> \n> > (3) The transfer of a transferred employee does not affect any right to leave of absence (including long service leave) accrued before the repeal of the 1991 Act.\n> \n> > (4) The terms and conditions of employment referred to in subclause (1) may be varied but only by the means by which they could be varied immediately before the commencement of this clause.","sortOrder":165},{"sectionNumber":"18","sectionType":"section","heading":"Superannuation—employer’s liability","content":"#### 18 Superannuation—employer’s liability\n\n18 Superannuation—employer’s liability\n\n> > (1) If, before the repeal of the 1991 Act—\n> > \n> > > (a) a person died or retired or was retrenched, and\n> > \n> > > (b) at the date of death, retirement or retrenchment—\n> > > \n> > > > (i) the person was an employee of the SAS Board, the PSES Board or the Corporation, or\n> > > \n> > > > (ii) the SAS Board, the PSES Board or the Corporation was, for the purposes of any superannuation scheme, the employer of the person,\n> > \n> > then, for the purposes of the Act by or under which the scheme is established, the relevant body is, on and after the day on which the 1991 Act is repealed, taken to be the employer in the service of whom the person was employed at the date of death, retirement or retrenchment for the purposes of any provision in that Act under which payments may be required to be made by the employer of that person in respect of that scheme.\n> \n> > (2) For the purposes of this section, the relevant body—\n> > \n> > > (a) in relation to a person whose employer was the SAS Board is STC, and\n> > \n> > > (b) in relation to a person whose employer was the Corporation is SAA, and\n> > \n> > > (c) in relation to a person whose employer was the PSES Board is FTC.","sortOrder":166},{"sectionNumber":"19","sectionType":"section","heading":"Appeals","content":"#### 19 Appeals\n\n19 Appeals\n\n> > (1) An appeal pending immediately before the repeal of the 1991 Act under any provision of that Act may be dealt with and determined as if that Act had not been repealed.\n> \n> > (2) (Repealed)","sortOrder":167},{"sectionNumber":"20","sectionType":"section","heading":"Contracts","content":"#### 20 Contracts\n\n20 Contracts\n\n> > (1) Any contract for the performance of services entered into with the SAS Board by another person or body (other than the Corporation), and in force immediately before the repeal of the 1991 Act and relating to the STC schemes, becomes, on the repeal of that Act, a contract for the performance of services entered into with STC.\n> \n> > (2) Any contract for the performance of services entered into with the SAS Board or the PSES Board by another person or body (other than the Corporation), and in force immediately before the repeal of the 1991 Act and relating to the FTC schemes, becomes, on the commencement of this subclause, a contract for the performance of services entered into with FTC.\n> \n> > (3) Any contract for the performance of services entered into with the Corporation by another person or body (other than the SAS Board or the PSES Board), and in force immediately before the repeal of the 1991 Act and relating to the investment of the FTC or STC funds or related matters, becomes, on the repeal of that Act, a contract for the performance of services entered into with STC, in relation to STC funds or related matters, or FTC, in relation to FTC funds or related matters.\n> \n> > (4) Any contract for the performance of services entered into with the Corporation by another person or body (other than the SAS Board or the PSES Board), and in force immediately before the repeal of the 1991 Act and relating to the scheme administration of the FTC or STC schemes or related matters, becomes, on the repeal of that Act, a contract for the performance of services entered into with SAA.\n> \n> > (5) Despite subclauses (3) and (4), a contract for the performance of services entered into with the Corporation by another person or body (other than the SAS Board or the PSES Board), and in force immediately before the repeal of the 1991 Act and relating to an asset, right or liability of the Corporation transferred to AFMC under clause 11, becomes, on the transfer, to the extent that it so relates, a contract entered into with AFMC.\n> \n> > (6) Any contract for the performance of services entered into with the Corporation by the SAS Board or the PSES Board, and in force immediately before the repeal of the 1991 Act and relating to the scheme administration of the FTC or STC schemes or related matters, becomes, on the repeal of that Act, a contract for the performance of services entered into with SAA by FTC or STC, respectively.","sortOrder":168},{"sectionNumber":"21","sectionType":"section","heading":"Effect of organisational changes","content":"#### 21 Effect of organisational changes\n\n21 Effect of organisational changes\n\n> > (1) This section applies to the following—\n> > \n> > > (a) the repeal of the 1991 Act, the amendment of the [Public Sector Executives Superannuation Act 1989](/view/pdf/asmade/act-1989-106) by this Act and the operation of this Schedule, and\n> > \n> > > (b) the establishment of STC, FTC, SAA and AFMC, and\n> > \n> > > (c) any agreement or other arrangement entered into for purposes connected with a matter referred to in paragraph (a) or (b).\n> \n> > (2) None of the matters or things referred to in subclause (1) are to be regarded—\n> > \n> > > (a) as a breach of a contract or of an arrangement, or\n> > \n> > > (b) as giving rise to any right or remedy by a party to a contract or other arrangement, or\n> > \n> > > (c) as a breach of confidence or a civil wrong.","sortOrder":169},{"sectionNumber":"22","sectionType":"section","heading":"Amalgamated funds","content":"#### 22 Amalgamated funds\n\n22 Amalgamated funds\n\n> For the avoidance of doubt, it is declared that for any period during which superannuation funds were treated as one fund under—\n> \n> > (a) section 20 of the 1991 Act before its amendment by the [Superannuation Administration Amendment Act 1995](/view/pdf/asmade/act-1995-29), or\n> \n> > (b) section 19 of the [Superannuation Administration Act 1987](/view/pdf/asmade/act-1987-210) before its repeal by the 1991 Act,\n> \n> those funds were part of an amalgamated fund.","sortOrder":170},{"sectionNumber":"23","sectionType":"section","heading":"State Super Financial Services Limited","content":"#### 23 State Super Financial Services Limited\n\n23 State Super Financial Services Limited\n\n> For the purposes of this Act, State Super Financial Services Limited is taken to be a company established by STC and STC is taken to have power to establish such a company.","sortOrder":171},{"sectionNumber":"24","sectionType":"section","heading":"Union representation","content":"#### 24 Union representation\n\n24 Union representation\n\n> > (1) This clause applies to the following trade unions—\n> > \n> > > (a) The Federated Municipal and Shire Council Employees’ Union of Australia, New South Wales Division,\n> > \n> > > (b) The Public Service Association of New South Wales.\n> \n> > (2) Each trade union to which this clause applies—\n> > \n> > > (a) may have employees of SAA as members, and\n> > \n> > > (b) may represent the interests of employees of SAA in industrial matters,\n> > \n> > whether or not any such power or authority is conferred by the rules of the union or any Act or law.","sortOrder":172},{"sectionNumber":"25","sectionType":"section","heading":"Definition","content":"#### 25 Definition\n\n25 Definition\n\n> In this Part—\n> \n> the 2005 Act means the [Superannuation Legislation Amendment Act 2005](/view/html/repealed/current/act-2005-052).","sortOrder":174},{"sectionNumber":"26","sectionType":"section","heading":"Delegations","content":"#### 26 Delegations\n\n26 Delegations\n\n> > (1) The amendments made by the 2005 Act to sections 4, 22, 32, 35, 40, 67, 77, 80 and 88 apply to a dispute that occurred but has not been determined before the commencement of those amendments.\n> \n> > (2) The amendments made by the 2005 Act to those sections do not apply to a dispute determined before the commencement of those amendments.","sortOrder":175},{"sectionNumber":"27","sectionType":"section","heading":"Disputes determined by FTC","content":"#### 27 Disputes determined by FTC\n\n27 Disputes determined by FTC\n\n> A dispute under the Acts under which the FTC schemes are established or constituted that was determined by a committee on behalf of FTC before the commencement of the amendments made by the 2005 Act to sections 4, 22, 32, 35 and 40 is taken to have been determined by FTC.","sortOrder":176},{"sectionNumber":"28","sectionType":"section","heading":"Disputes determined by STC","content":"#### 28 Disputes determined by STC\n\n28 Disputes determined by STC\n\n> A dispute under the Acts under which the STC schemes are established or constituted that was determined by a committee on behalf of STC before the commencement of the amendments made by the 2005 Act to sections 4, 67, 77, 80 and 88 is taken to have been determined by STC.","sortOrder":177},{"sectionNumber":"29","sectionType":"section","heading":"Validations","content":"#### 29 Validations\n\n29 Validations\n\n> > (1) Any approval given or purported to be given by the Minister under section 125 (1A) of this Act as in force before the commencement of the 2006 amending Act that would have been validly given under that subsection, had the amendments made by the 2006 amending Act been in force when it was given, is validated and is taken to have always been validly given.\n> \n> > (2) Accordingly, any trust deed the extension of the application of which was approved as referred to in subclause (1) and which would have been validly extended, had the amendments made by the 2006 amending Act been in force when the trust deed was extended, is taken to have always been validly extended.\n> \n> > (3) In this clause—\n> > \n> > the 2006 amending Act means the [Superannuation Administration Amendment (Trust Deed Schemes) Act 2006](/view/html/repealed/current/act-2006-121).","sortOrder":179},{"sectionNumber":"30","sectionType":"section","heading":"Indemnification agreements entered into before commencement","content":"#### 30 Indemnification agreements entered into before commencement\n\n30 Indemnification agreements entered into before commencement\n\n> > (1) Section 80A, as inserted by the [Superannuation Legislation Amendment Act 2007](/view/html/repealed/current/act-2007-028), does not prevent STC from indemnifying a person who is or has been an officer of STC against a liability incurred as an officer of STC, without the approval of the Minister, if the indemnity is provided pursuant to a deed or other written agreement entered into by STC before the commencement of section 80A.\n> \n> > (2) In this clause—\n> > \n> > officer of STC means the following—\n> > \n> > > (a) a member of the STC Board,\n> > \n> > > (b) the chief executive officer of STC.","sortOrder":181},{"sectionNumber":"Schedule 4","sectionType":"schedule","heading":null,"content":"# Schedule 4\n\nSchedule 4 (Repealed)\n\n**sch 4:** Am 1996 No 121, Sch 1.23 \\[5\\] \\[6\\]. Rep 1999 No 85, Sch 4.","sortOrder":182}],"analysis":{"kimi_summary":{"_metrics":{"source":"grok-batch-everything"},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":true,"description":"The Act began as a vehicle to continue the former State Authorities Superannuation Board as STC and to set trustee and service-provider rules for a closed list of defined-benefit public-sector schemes (see original objects in s 3 and the list in the definition of STC scheme in s 4). Its scope has grown well beyond that original intent: later amendments added power to create entirely new trust-deed schemes for broader classes of employees and spouses (s 125), detailed successor-fund transfer mechanisms and mobility rights between STC schemes and external funds (Part 7 and ss 127A-128B), conversion of the related FSS Trustee Corporation into a proprietary company (s 128C and Schedule 2A), prudential standards (s 129A), surplus-fund adjustments (s 81A), and expanded ministerial override and monitoring powers (ss 55, Part 4). These changes have turned a trustee-continuation statute into a comprehensive framework for public-sector superannuation restructuring, fund mobility and corporatisation."},"complexity_factors":["Extensive cross-references to at least 12 other Acts (including Trustee Act 1925, Superannuation Industry (Supervision) Act 1993 (Cth), Government Sector Finance Act 2018, and nine specific STC scheme Acts listed in s 4)","Heavy use of defined terms (over 20 in s 4 alone, including mandated investment manager, surplus funds determined under AASB 119, and STC dispute function)","Multiple layers of conditional logic, exceptions and savings provisions (e.g. s 51(3), s 53(1A), s 55(5), s 60(5), s 63(2))","Significant repealed content (entire Part 2, s 5, ss 7-47, s 61, Schedule 1 and 4) indicating repeated major amendments","Nested governance, investment, administration and mobility rules across eight Parts plus four Schedules, with transitional provisions in Schedule 3 that interact with later successor-fund rules in Part 7"],"plain_english_summary":"**The Superannuation Administration Act 1996** creates and regulates the SAS Trustee Corporation (STC) as the trustee responsible for managing several defined-benefit superannuation schemes for New South Wales public sector workers (such as police, teachers, and other state employees). These schemes are mostly closed to new members but still hold funds and pay pensions or lump sums to current and former employees.\n\nThe Act requires STC to act honestly, prudently, and in the best interests of members (mirroring rules that apply to private super funds). It sets out how STC must invest the money (via professional investment managers it appoints), administer the schemes (again via contracted experts), pay correct benefits, and resolve disputes. STC cannot do these core tasks itself but must hire service providers under contracts that protect members' interests.\n\nIt also lets the government create extra super schemes for public employees or related people using formal trust deeds, and it includes rules for moving benefits between schemes, handling surplus employer funds, and protecting board members and staff from personal liability when acting in good faith. The law matters because it safeguards retirement savings for hundreds of thousands of current and former public servants, ensures professional management of large investment pools, and provides clear processes for complaints and oversight."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act, as currently structured in the supplied text, goes beyond simply continuing the State Authorities Superannuation Board as trustee and setting core trustee duties (original core objective in s3). It now includes powers and mechanisms added over time to: require STC to contract out operational services while retaining strategic responsibility (s59, s64); permit the Treasurer to mandate particular investment managers with consequential legal effect on STC’s obligations (s60); provide detailed rules for establishing and extending trust‑deed schemes and successor fund transfers with Ministerial oversight (ss 125–127, Part 7 (ss 127A–128B)); impose monitoring and prudential reporting powers (ss 97–99, s129A); and contain corporate conversion and transitional provisions for trustee corporations (Schedule 2A). These additions broaden the Act’s practical scope from establishing a trustee and its basic functions to include complex contracting, fiscal‑oversight levers, transfer and mobility mechanisms, and corporate‑conversion machinery (see s3, s53, s54, s55, s60, ss 125–127, Schedule 2A)."},"complexity_factors":["Multiple cross‑references to other State and Commonwealth Acts (e.g. Trustee Act 1925, Superannuation Industry (Supervision) Act 1993, Government Sector Finance Act 2018) that affect duties, powers and limits (see ss 49, 51, 58, 62).","Mixture of strategic duties retained by STC (investment and reserves strategy, s58) and mandatory contracting out of operational functions (investment managers s59, administrators s64) creating layered contractual and oversight duties.","Significant ministerial and Treasurer discretion (mandating investment managers s60, consent to contracts s54, directions s55) that interacts with trustee duties and liabilities.","Detailed governance and appointment rules, including Board composition, nomination processes and delegation limits (ss 69–74, Schedule 2), which create procedural complexity.","Financial mechanics spanning amalgamation and separation of funds, employer‑reserve adjustments, surplus fund transfers and administration account charging rules (ss 81, 81A, 85) that require actuarial and accounting treatment.","Added Parts and Schedules (trust‑deed schemes, successor funds, corporate conversion) that expand the Act’s scope and introduce transitional arrangements and interaction with Corporations law (Part 6, Part 7, Schedule 2A).","Criminal, civil and recovery remedies layered across officers’ duties and trustee duties (ss 119–124, 120), with statutory defences and limitations that require legal analysis for enforcement."],"plain_english_summary":"## What this law does (mechanically)\n\n- Creates and continues the SAS Trustee Corporation (STC) as the trustee that holds and manages the assets and contributions for a set of State public sector defined‑benefit superannuation schemes (the STC schemes) (ss 48–49, s3).  STC is a statutory trustee and subject to trustee duties (s49).\n\n- Sets out STC’s principal functions: administer the STC schemes, invest and manage STC funds, custody of assets, ensure benefits are paid according to the scheme laws, determine disputes under those Acts, and perform other Minister‑approved functions (s50).\n\n- Imposes trustee‑style duties on STC: honesty, prudence, acting in beneficiaries’ best interests, and not entering into arrangements that prevent the trustee from performing its role (s51).  Members of the STC Board must exercise care and diligence (s73).  Officers face statutory offences and penalties for dishonesty, misuse of position or information and breaches of care and diligence (s119–120).\n\n- Requires STC to determine and give effect to an investment strategy and reserves strategy, and to stay responsible for those strategies (s58).  STC must not contract out its functions under that section (s58(5)).\n\n- Requires STC to contract out the provision of investment management and scheme administration services to external providers (section 53 and the specific requirement that STC must appoint investment managers (s59) and scheme administrators (s64)).  STC remains responsible for setting the investment strategy and ensuring managers operate within its investment powers (s59(2)).\n\n- Gives the Treasurer the power, with ministerial approval, to require that all or part of STC funds be managed by one or more specified “mandated investment managers”; where such mandated managers carry out services in accordance with conditions, STC is taken to have discharged its investment obligations (s60).\n\n- Requires ministerial consent before STC may enter into investment or administration contracts with any person who is not a mandated investment manager, unless that consent is waived (s54).  The Minister may also direct STC where STC’s actions could have a significant adverse effect on the Consolidated Fund or State financial management; STC must comply with such directions (s55–56).\n\n- Establishes governance arrangements for STC: a Board with specified composition (employer and employee representatives and a Chair), a chief executive officer responsible for day‑to‑day management, committees and delegation rules (ss 69–76, 77–78, Schedule 2).\n\n- Sets up financial and administrative arrangements: maintenance of an STC Administration Account (s84), rules for charging administration costs to employers, contributors and members (s85–86), powers to amalgamate and adjust employer reserves including transfers of surplus funds at the Treasurer’s request (ss 81, 81A), and borrowing/investment powers subject to Government Sector Finance Act rules (s62).\n\n- Provides monitoring and reporting powers for Ministers and authorised persons, including requiring information, production of books, and premises access for inspection (ss 97–99).  The Minister may apply prudential standards or reporting/audit requirements by Gazette order (s129A).\n\n- Creates mechanisms for creating new trust‑deed superannuation schemes for public sector employees, and for regulating transfers of members, assets and liabilities to such schemes or to successor funds, subject to Ministerial approval and compliance with Commonwealth superannuation law where applicable (ss 125–127, Part 7 (ss 127A–128B)).\n\n- Provides appeal and dispute paths: STC determines disputes and decisions may be appealed to the Industrial Relations Commission in Court Session; STC may delegate the dispute function to a committee (ss 67, 77, 88).\n\n\n## Who this affects\n\n- Members, contributors and beneficiaries of the STC schemes: their benefits are held in trust and are subject to STC’s duties and the investment and reserve strategies set by STC (ss 49, 51, 58).\n\n- Employers (including State sector employers) who contribute to the schemes: they can be charged administration costs and may have employer reserves adjusted; the Treasurer may direct transfer of surplus funds from employer reserves (ss 85, 81, 81A).\n\n- Investment managers and scheme administrators who contract with STC: they will carry out day‑to‑day investment or administration operations subject to STC’s strategy and contract terms (s53, s59).  If appointed as a mandated investment manager, the Treasurer’s order and the relevant contract govern their role (s60).\n\n- The Minister and Treasurer: have oversight and intervention powers — consent for contracts with non‑mandated managers (s54), directions where State finances could be affected (s55) and orders requiring mandated managers or transfer approvals (s60, s127A).\n\n- STC Board members and officers: subject to duties, reporting and potential criminal and civil liability for breaches (ss 73, 119–124).\n\n\n## Why it matters (official purpose and mechanical consequences)\n\n- Officially the Act establishes a statutory trustee and governance framework for the administration and investment of defined‑benefit public sector superannuation schemes and enables creation of additional trust‑deed schemes (s3, s50, s125).  It also sets out the relationship between STC, contractors, and Ministers (s50(1)(f), s53, s54, s55).\n\n- Mechanically, the Act centralises strategic control of investment and reserves with STC (s58) while requiring operational delivery to be contracted out (s59, s64).  It gives the Treasurer power to lock in specific managers (s60) and gives the Minister power to approve transactions, give directions and require reporting (ss 54–56, 97–99).  The Act specifies who pays administrative costs (s85) and how funds and employer reserves may be adjusted (ss 81, 81A).\n\n\n## Trade‑offs, incentive effects and implementation points to watch (source‑grounded)\n\n- Who pays: administration costs are payable by employers and contributors/members as determined by STC (s85(3)–(6)).  The Treasurer can request transfers of surplus funds from employer reserves, effectively moving money between employer accounts or to other employers (s81A(1)–(2)).\n\n- Shifts in operational responsibility: STC must contract out investment management and administration services (ss 53, 59, 64).  This shifts day‑to‑day operational risk and employment implications to contractors while STC retains strategic responsibility (s58, s59(2)).  Contractors therefore bear execution risk under their contracts (s53(3)).\n\n- Concentrated benefits and decision control: the Treasurer can mandate particular investment managers and set terms and conditions by written order (s60).  A mandated manager that complies with the order discharges STC’s investment obligations (s60(5)).  This concentrates commercial opportunities in appointed managers and reduces STC’s exposure if managers comply (s60(4)–(5)).\n\n- Ministerial and Treasurer discretion: Ministerial consent is required for many contracts with non‑mandated managers (s54), and the Minister may direct STC if State finances are at risk (s55).  Such powers provide supervisory control (implementation lever) but also concentrate discretion in Ministers (ss 54–56, s60(1)).\n\n- Compliance and reporting burdens: STC must prepare corporate plans and performance targets (s79), must provide information and books to the Minister or authorised persons on notice (ss 97–98) and allow inspections (s99).  Contracted providers must comply with STC policies and any prudential standards applied under s129A.\n\n- Liability and indemnity: officers face criminal and civil penalties for dishonest or improper use of position or information (s119) and STC may recover profits or losses from officers (s120).  STC may indemnify officers only with Ministerial approval for indemnity agreements (s80A).\n\n- Interaction with Commonwealth law and successor arrangements: transfers to successor funds and trust‑deed schemes must comply with Commonwealth Superannuation Industry (Supervision) Act requirements where applicable; the Minister must be satisfied transfers comply (s127A(3), s125(5)).  The Act contains rules to permit transfers, mobility and to make regulations that override conflicting provisions of scheme Acts or trust deeds where necessary (ss 126–127, 128B).\n\n\n## Implementation risks and opportunity costs\n\n- Operational risk rests with contracted providers but STC retains strategic accountability (ss 58, 59, 53).  STC must therefore invest in contract management and oversight.\n\n- Mandating managers (s60) simplifies oversight but reduces STC’s choice of providers and may concentrate long‑term revenue in specified managers.\n\n- Ministerial directions (s55) provide a mechanism to contain fiscal risk to the Consolidated Fund but can alter trustee decision‑making; actions taken to comply with directions are protected from liability under s55(5).\n\n- The Act creates pathways for structural change (new trust‑deed schemes, successor fund transfers and corporate conversion provisions in Schedule 2A), which enable reorganisation but require regulatory and administrative work to effect transfers and protect member entitlements (ss 125–127, Schedule 2A)."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-administration-act-1996","history":"/api/acts/superannuation-administration-act-1996/history","analysis":"/api/acts/superannuation-administration-act-1996/analysis","conflicts":"/api/acts/superannuation-administration-act-1996/conflicts","importantCases":"/api/acts/superannuation-administration-act-1996/important-cases","documents":"/api/acts/superannuation-administration-act-1996/documents"}}