Document ID: chunk:federal_register_of_legislation:C2022C00261:section:52:p2
Version: federal_register_of_legislation:C2022C00261
Segment Type: section
Provision Reference: s 52 (pt 2/48)
Character Range: 35548–38329

each of those matters; or
     (c) a member of the Executive Council acting for the time being for and on behalf of any of those Ministers.

Establishment of the Superannuation Scheme and the Fund

2. (1) There is hereby established an occupational superannuation scheme to be known as the Military Superannuation and Benefits Scheme (in this Deed called "the Superannuation Scheme") to come into force on 1 October 1991 for the benefit of:
     (i) members of the Permanent Forces; and
     (ii) members of the Emergency Forces and the Reserve Forces,
to be administered in accordance with the Deed by the Military Superannuation and Benefits Board of Trustees No. 1 established by the Act (in this Deed called "the Board").

(2) For the purposes of the Superannuation Scheme there is hereby established and vested in CSC a fund to be known as the Military Superannuation and Benefits Fund No. 1 (in this Deed called "the Fund").

Functions and powers of the CSC

3. (1) The functions of CSC are to administer the Superannuation Scheme and to manage and invest the Fund in accordance with the provisions of the Act and this Deed including, without limiting the generality of the foregoing, the following functions:
     (a) to pay benefits to or in respect of members, and to make payments to and receive payments from the Commonwealth, as provided for in the Act;
     (b) to provide advice to the Minister on proposed changes to the Act and the Deed; and
     (c) to determine interest rates for the purposes of the Superannuation Scheme.

(2) CSC has power in Australia and elsewhere to do all things necessary or convenient to be done for, or in connection with, the performance of its functions and, in particular, may:
     (a) give guarantees;
     (b) underwrite or sub‑underwrite any form of investment including the underwriting or sub‑underwriting of the issue of shares, debentures or units in a unit trust;
     (c) borrow moneys and give security over the whole or any part of the assets of the Fund;
     (d) appoint agents and attorneys;
     (e) act as agent for other persons;
     (f) engage consultants and investment managers;
     (g) establish an Incapacity Classification Committee to determine members' incapacity classifications under the Rules;
     (h) establish a Reconsideration Advisory Committee or Committees to examine and report on decisions of CSC and its delegates under the Rules relating to members' entitlements to benefits;
     (i) take action to control or manage, or to enhance or protect, the value of, any investment made out of the Fund, or to enhance or protect, the return on any such investment.

(3) In exercising its functions and powers CSC shall have regard to:
     (a) the interests of members and the Commonwealth;
     (b)