50Principal functions of STC

#### 50 Principal functions of STC 50 Principal functions of STC > > (1) The principal functions of STC are— > > > > > (a) to administer the STC schemes, and > > > > > (b) to invest and manage the STC funds, and > > > > > (c) to provide for the custody of the assets and securities of the STC schemes, and > > > > > (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 > > > > > (e) to determine disputes under those Acts, and > > > > > (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. > > > (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. > > > (2) STC has such other functions as may be conferred or imposed on it by or under this or any other Act. > > > (3) (Repealed) > > Note. > > 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. > > 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). > > **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 \[1\].