Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:3:p2
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 3 (pt 2/3)
Character Range: 8996–11895

as provided for in the Rules.
     3.2A In exercising its functions and powers CSC shall comply with the requirements of the Superannuation Industry (Supervision) Act 1993 and Regulations made under that Act, and have regard to the interests of members and their employers, preserved benefit members and associates.
     3.3 Notwithstanding anything contained in the Deed, CSC shall, in exercising its functions and powers:
         (a) act honestly in all matters concerning the Public Sector Superannuation Scheme and the PSS Fund;
         (b) exercise, in relation to all matters affecting the Public Sector Superannuation Scheme and the PSS Fund, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another for whom the person felt morally bound to provide;
         (c) ensure that CSC's duties and powers are performed and exercised in the best interests of members, preserved benefit members and associates;
         (d) keep the money and other assets of the PSS Fund separate from any money and assets, respectively:
             (i) that are held by CSC in its own capacity or by the directors of CSC personally; or
            (ii) that are money or assets, as the case may be, of a standard employer‑sponsor, or an associate of a standard employer‑sponsor, as defined in the Superannuation Industry (Supervision) Act 1993, of the PSS Fund;
         (e) not enter into any contract, or do anything else, that would prevent CSC from, or hinder CSC in, properly performing or exercising CSC's functions and powers;
         (f) formulate and give effect to an investment strategy that has regard to the whole of the circumstances of the PSS Fund including, but not limited to, the following:
            (i) the risk involved in making, holding and realising, and the likely return from, the PSS Fund's investments having regard to its objectives and its expected cash flow requirements;
            (ii) the composition of the PSS Fund's investments as a whole including the extent to which the investments are diverse or involve the PSS Fund in being exposed to risks from inadequate diversification;
            (iii) the liquidity of the PSS Fund's investments having regard to its expected cash flow requirements;
         (iv) the ability of the PSS Fund to discharge its existing and prospective liabilities;
         (g) if there are any reserves of the PSS Fund — formulate and to give effect to a strategy for their prudential management, consistent with the PSS Fund's investment strategy and its capacity to discharge its liabilities (whether actual or contingent) as and when they fall due;
         (h) allow a member or a person who has a preserved benefit access to any information or any documents prescribed in Regulations under the Corporations Act 2001.
     3.4 CSC must cause proper records to be kept