15   Functions of trustees

(1)  The functions of the trustees are:

(a)  to administer the Parliamentary Contributory Superannuation Scheme, and

(b)  to ensure that the Fund is invested and managed in accordance with this Act, and

(c)  to pay benefits to or in respect of members and former members, and

(d)  to make such other payments as are provided for by this Act.

(2)  The trustees are trustees for the purposes of the Trustee Act 1925 and are required to hold in trust for the persons entitled to benefits under this Act all contributions and other money paid or payable to the trustees.

(3)  The trustees must use the assets of the Fund to pay benefits to or in respect of the members and former members and to pay the costs and expenses of the investment and management of the Fund.

(4)  The trustees have power in New South Wales and elsewhere to do all things necessary or convenient to be done for, or in connection with, the exercise of the functions specified in subsection (1) and, in particular, may:

(a)  engage investment advisers and other kinds of consultants, and

(b)  appoint agents and attorneys and act as agent for others, and

(c)  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.

(5)  In exercising their functions, the trustees must:

(a)  have regard to the interests of members and other persons entitled to benefits under this Act, and

(b)  have regard to the Heads of Government Agreement, that commenced on 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

(c)  have regard to the future liabilities of the fund.