6Functions and powers of Commission

6 Functions and powers of Commission

(1)  The Commission is to be the sole trustee of the Fund.

(2)  The functions of the Commission are to –

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

(i) the need to provide for payments out of the Fund; and

(ii) the need to exercise reasonable care and prudence so as to maintain the integrity of the Fund; and

(b) administer the receipt of contributions and the payment of benefits having due regard to the need for equity among employees and beneficiaries; and

(c) collect contributions and to pay benefits; and

(d) establish policies in respect of the administration of these regulations and the investment of money standing to the credit of the Fund and to adopt strategies designed to achieve those policies; and

(e) determine, authorise and approve programs for the administration of these regulations and the investment of money standing to the credit of the Fund; and

(f) take, purchase, lease, hold, sell, exchange and dispose of real and personal property for the purposes of these regulations; and

(g) inform contributors about the management of the Fund, including making available to contributors, at least once a year, a summary of information relating to their entitlements; and

(h) provide for the payment of any taxation or surcharge liability imposed under the law of the Commonwealth on the Fund or in respect of any benefits payable by the Commission.

(3)  In performing its functions, the Commission must –

(a) act honestly in all matters concerning the Fund; and

(b) conduct its operations in an efficient, effective and economic manner; and

(c) exercise, in respect of all matters affecting the Fund, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another person for whom that person felt morally bound to provide; and