Document ID: chunk:federal_register_of_legislation:F2021C00237:reg:6
Version: federal_register_of_legislation:F2021C00237
Segment Type: reg
Provision Reference: reg 6
Character Range: 11667–13713

6  Investment of the PSSAP Fund

      6.1 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.
      6.2 Moneys standing to the credit of the PSSAP 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 PSSAP 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 PSSAP Fund that moneys that are from time to time required to pay benefits that are payable out of the PSSAP Fund are available for that purpose.
      6.3 Moneys that, by virtue of subclause 6.2, 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.
      6.4 CSC must determine an investment strategy and policy of the PSSAP Fund as soon as possible after 1 July 2005 and thereafter regularly review such a strategy and policy, and, where it considers it 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.
      6.5 CSC shall invest moneys standing to the credit of the PSSAP 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.
      6.6 CSC shall ensure that any investment manager engaged by CSC in relation to the PSSAP Fund:
         (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.