Victorian Consolidated Legislation

Emergency Services Superannuation Act 1986 - SECT 6

Objectives and duties of Board

6. Objectives and duties of Board



(1) The following are the objectives of the Board-

   (a)  to collect contributions and other assets due to the Scheme or an
        administered scheme;

   (b)  to manage and determine investment objectives for the assets of the
        Scheme or an administered scheme so as to achieve optimal risk and
        return outcomes having regard to-

   (i)  the need to provide for payments out of the Scheme or
        administered scheme; and

   (ii) the need to exercise reasonable care and prudence so as to maintain
        the integrity of the Scheme or administered scheme;

   (c)  to administer the payment of benefits under a Superannuation Act or
        the governing instrument of an administered scheme.

(2) It is the duty of the Board to-

   (a)  establish policies for the administration of each Superannuation Act
        and administered scheme and to adopt strategies for the achievement of
        those policies; and

   (b)  determine, authorise or approve programs for the administration of
        each Superannuation Act and administered scheme; and

   (c)  determine objectives for the investment of money in the Scheme and
        standing to the credit of each administered scheme; and

   (d)  establish and implement strategies for the investment of money in the
        Scheme and standing to the credit of each administered scheme; and

   (e)  ensure that the assets of each administered scheme are administered in
        accordance with this Act and with those provisions of the governing
        instrument under which the administered scheme is constituted which
        continue to apply to an administered scheme by virtue of this Act; and

   (f)  have regard to the interests of persons entitled to benefits under the
        Scheme, a Superannuation Act or an administered scheme; and

   (fa) have regard to the interests of contributing employers under the
        Scheme, a Superannuation Act or an administered scheme; and

   (g)  ensure that the Scheme and each administered scheme is administered in
        accordance with the Commonwealth Superannuation Contributions Tax
        (Assessment and Collection) Act 1997 and the Commonwealth
        Superannuation Contributions Tax Imposition Act 1997 and any
        regulations under those Acts; and

   (h)  ensure that the provisions of Part VIIIB and VIIIAB of the
        Commonwealth Family Law Act 1975 and regulations made under that Act
        for the purposes of that Part are complied with; and

   (ha) ensure that the provisions of Subdivision B of Division 3 of Part VI
        of the Commonwealth Bankruptcy Act 1966 and regulations made under
        that Act for the purposes of that Subdivision are complied with; and

        (i)    ensure that the decisions and operations of the Board are
               directed towards achieving its objectives; and

   (j)  ensure that the Board has, or has access to, the skills, facilities
        and resources required to achieve its objectives; and

   (k)  subject to subsection (3), inform contributors and members, about
        their rights and the benefits under the Scheme, a Superannuation Act
        or an administered scheme and about the management and investment of
        the Scheme or the administered scheme including making available to
        contributors and members at least once in each year a summary of
        information about the management and investment of the Scheme or
        administered scheme; and

   (l)  subject to subsection (3), liaise with relevant industrial
        organisations about the interests of contributors and members and
        inform those organisations about the management and investment of the
        Scheme or administered scheme; and

   (m)  ensure that the Board conducts its operations in an efficient manner.

(2A) In relation to the investment of all or part of the money in the Scheme
and standing to the credit of each administered scheme, the Board is to be
taken to have discharged the relevant duties specified in subsection (2),
other than the duty to determine investment objectives under subsection
(2)(c), if in respect of that money-

   (a)  the Board has appointed the Victorian Funds Management Corporation
        under section 9A of the
        Victorian Funds Management Corporation Act 1994 to perform investment
        related functions on behalf of the Board; and

   (b)  the terms of the appointment with respect to the investment of money
        are in accordance with an approval given by the Governor in Council
        under section 20 of the Borrowing and Investment Powers Act 1987.

(2B) If any provision of the Commonwealth Superannuation Contributions Tax
(Assessment and Collection) Act 1997 or the Commonwealth Superannuation
Contributions Tax Imposition Act 1997 or of any regulations under those Acts
is inconsistent with a Superannuation Act or any regulations under a
Superannuation Act or the governing instrument of an administered scheme, the
Board is to be taken to have complied with the Superannuation Act or the
regulations or the governing instrument of the administered scheme if the
Board has complied with the provision of the Commonwealth Superannuation
Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth
Superannuation Contributions Tax Imposition Act 1997 or of the regulations
under those Acts.

(2C) If any provision of Part VIIIB or VIIIAB of the Commonwealth Family Law
Act 1975 or of any regulations made under that Act for the purposes of those
Parts is inconsistent with a Superannuation Act or any regulations under a
Superannuation Act or the governing instrument of an administered scheme, the
Board is to be taken to have complied with the Superannuation Act or the
regulations or the governing instrument of the administered scheme if the
Board has complied with the provision of Part VIIIB or VIIIAB of the
Commonwealth Family Law Act 1975 or of any regulations made under that Act for
the purposes of those Parts.

(2D) If any provision of Subdivision B of Division 3 of Part VI of the
Commonwealth Bankruptcy Act 1966 or of any regulations made under that Act for
the purposes of that Subdivision is inconsistent with a Superannuation Act or
any regulations made under a Superannuation Act or the governing instrument of
an administered scheme, the Board is to be taken to have complied with the
Superannuation Act or the regulations or the governing instrument of the
administered scheme if the Board has complied with the provision of
Subdivision B of Division 3 of Part VI of the Commonwealth Bankruptcy Act 1966
or of any regulations made under that Act for the purposes of that
Subdivision.

(3) The Board must, in performing its duties under subsections (2)(k) and
(2)(l), consider the need to protect information the disclosure of which could
adversely affect the financial position or the commercial or other operations
of the Board.

(4) If the Minister at any time gives the President a statement of government
policy on any matter that is relevant to the performance of the duties of the
Board, together with a request that the Board consider that policy in the
performance of its duties, the Board must ensure that consideration is given
to that policy.

(5) If the Minister gives a statement to the President under subsection (4),
the Board must publish that statement in its next annual report.

(6) The Minister may issue a direction in writing to the Board in respect of
the administration of this Act as amended by the Superannuation Legislation
(Governance Reform) Act 2005 relating to or consequent on-



   (a)  the closure of the State Superannuation Fund and the transfer of the
        assets and liabilities of the State Superannuation Fund to the Scheme;

   (b)  the transfer of administration from the Government Superannuation
        Office to the Board;

   (c)  the re-constitution of the Board.

(7) The Board must give effect to a direction issued under subsection (6).



(8) If the Minister issues a direction under subsection (6), the Board must
publish that direction in its next annual report.