Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:10
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 10
Character Range: 13301–15285

10  Investment of the PSS Fund

     10.1 For the purposes of this clause:
         (a) "invest" means expend moneys with a view to obtaining a present or future financial return (whether by way of income, profit or otherwise); and
         (b) "profit" includes capital profit.
     10.2 Moneys standing to the credit of the PSS Fund which are, in the opinion of CSC, moneys that are not for the time being required for the purpose of making payments out of the PSS Fund under the Act and the Deed shall, so far as is practicable, be invested by CSC in accordance with the Act and the Deed, but CSC shall so manage the PSS Fund that moneys that are from time to time required to pay benefits that are payable out of the PSS Fund are available for that purpose.
     10.3 Moneys that, by virtue of subclause 10.2, are required to be invested by CSC may be invested in any manner and, without limiting the generality of the foregoing, may be invested by CSC jointly with another person or other persons.
     10.4 CSC must determine an investment strategy and policy as soon as possible after 1 July 1990 and thereafter regularly review such a strategy and policy, and, where it considers necessary or desirable, change its existing investment strategy or policy. In determining and reviewing its investment strategy and policy, CSC shall consult with such persons or bodies as it thinks fit.
     10.5 CSC shall invest moneys standing to the credit of the PSS Fund that are available for investment only through an investment manager or managers who undertake to invest, and manage the investment of those funds on behalf of CSC.
     10.6 CSC shall ensure that any investment manager engaged by CSC:
         (a) operates within the investment powers of CSC and the investment strategy and policy as determined for the time being by CSC; and
         (b) reports to CSC on the state of CSC's investments and the investment market at such times and in such manner as CSC determines.