Superannuation Administration Act 1996

STC must—

act honestly in all matters relating to its functions relating to the STC schemes, and

exercise, in relation to all matters affecting the STC schemes, 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, and

ensure that its functions relating to the STC schemes are exercised in the best interests of persons entitled to receive benefits under the STC schemes, and

not enter into any contract or arrangement, or do anything else, that would prevent STC from, or hinder STC in, properly exercising STC’s functions as a trustee.

In exercising its functions, STC must have regard to—

the interests of persons entitled to receive benefits under the STC schemes, and

the Heads of Government Agreement, commencing 1 July 1996, relating to the exemption of certain State public sector superannuation schemes from the Superannuation Industry (Supervision) Act 1993 of the Commonwealth, and

the future liabilities of the STC funds, and

any statement in writing of the policy of the Government on any matter that is relevant to the functions of STC given by the Minister to STC, and

the role of employers under STC schemes in funding benefits under those schemes.

Subsection (1) (d) does not prevent STC from entering into a contract or an arrangement under section 53.