Part 3Trustee for STC schemes (STC)

# Part 3 Trustee for STC schemes (STC) Part 3 Trustee for STC schemes (STC) Introductory note. This 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.