7Functions of the Corporation

7 Functions of the Corporation

7 Functions of the Corporation

(1) The Corporation has the functions conferred or imposed on it by or under this or any other Act or law.

(2) The principal functions of the Corporation are the development, promotion and conduct of its business of providing superannuation scheme administration and related services.

(3) For the purposes of exercising its principal functions, the Corporation may provide services that include (but are not limited to) the following:

(a) collecting contributions to superannuation schemes,

(b) keeping and maintaining member records,

(c) providing information and advice to members,

(d) preparing financial statements on behalf of trustees,

(e) processing of claims and payment of benefits.

(3A) The Corporation may also provide administration and related services to financial service providers.

(3B) For that purpose, the Corporation may provide services that include (but are not limited to) the following:

(a) collecting payments on behalf of financial service providers,

(b) providing information and advice to clients of financial service providers,

(c) keeping and maintaining client records,

(d) preparing financial statements on behalf of financial service providers,

(e) processing claims and other transactions on behalf of financial service providers.

(3C) The Corporation has such other functions as may be prescribed by the regulations.

(4) This section does not limit the functions of the Corporation apart from this section, but is subject to the provisions of this Act, the State Owned Corporations Act 1989, the Superannuation Administration Act 1996 and any other Act or law.

Note—

Section 20E of the State Owned Corporations Act 1989 sets out the principal objectives of statutory State owned corporations.